This article will be known as the "Veterans
Exemptions Law." The intent of this article is to provide for an increase
or decrease in the amount of veterans exemptions pursuant to Real
Property Tax Law (RPTL) § 458 whenever the total assessed
value of real property for which an exemption has been granted increases
or decreases as a result of a reevaluation or update of assessments
and a material change in level of assessment is certified for the
assessment roll pursuant to the rules of the State Board of Assessment,
to permit property owners who formerly received a veterans exemption
pursuant to RPTL § 458-a to be able to once again receive
exemption pursuant to RPTL § 458, and to increase the amount
of exemptions granted to veterans pursuant to RPTL § 458-a.
This article is enacted pursuant to the authority
granted by RPTL §§ 458 and 458-a.
Notwithstanding the limitation on the amount
of the veterans exemptions prescribed in Subdivision 1 or 2 of RPTL
§ 458, if the total assessed value of real property for
which a veterans' exemption pursuant to RPTL § 458 has been
granted increases or decreases as the result of a reevaluation or
update of assessments, and a material change in level of assessment,
as provided in Title 2 of Article 12 of the RPTL, is certified for
the assessment roll pursuant to the rules of the State Board of Assessment,
the Town Assessor shall increase or decrease the amount of such exemption
by multiplying the amount of such exemption by the change in level
of assessment factor. If the Town Assessor receives the certification
after the completion, verification and filing of the final assessment
roll, the Town Assessor shall certify the amount of exemption as recomputed
to the town officers having custody and control of the roll, and such
town officers are hereby directed and authorized to enter the recomputed
exemption certified by the Town Assessor on the roll.
Owners of property in the town who previously
received an exemption pursuant to RPTL § 458, but who opted
instead to receive exemption pursuant to RPTL § 458-a, may
again receive an exemption pursuant to RPTL § 458 upon application
by the owner.
The maximum exemptions allowable in Paragraphs
(a), (b) and (c) of Subdivision 2 of RPTL § 458-a are increased
to $18,000, $12,000 and $60,000, respectively.
This article shall take effect immediately after
it is filed in the office of the Secretary of State and the office
of the Town Clerk for the Town of Plattekill.