This article shall be known as the "Veterans'
Eligible Funds Adjustment Law of the Town of Chili."
It is the purpose and intent of this article
to implement legislation, S-8472-A, signed into law by the Governor
of the State of New York, which amends § 458, Subdivision
5, of the Real Property Tax Law of the State of New York, to direct
the Town Assessor to adjust the amount of the eligible funds veterans'
exemption based upon reassessment of property within the Town and
to permit veterans who had converted from eligible funds veterans'
exemption to the alternative veterans' exemption as a result of a
revaluation or update to change back to eligible funds veterans' exemption
and obtain the benefits of the amended provision of the Real Property
Tax Law.
The Town Board of the Town of Chili hereby recognizes
that the total assessed value of the real property for which an exemption
has been granted pursuant to Subdivision 1 or 2 of § 458
of the Real Property Tax Law will be increased or decreased as a result
of a revaluation or update, and a material change in the level of
assessment will be certified for the assessment roll of the Town of
Chili pursuant to the rules of the New York State Office of Real Property
Services.
The Assessor of the Town of Chili is hereby
directed to increase or decrease the amount of the eligible funds
veterans' exemption by multiplying the amount of the exemption by
the change in the level of assessment for the Town of Chili, as determined
by and certified by the New York State Office of Real Property Services
pursuant to the rules of said office.