[Adopted 2-27-1995 by L.L. No. 1-1995]
The New York State Legislature has adopted and
the governor has signed into law Bill No. 8472-A entitled: "An Act
to Amend the Real Property Tax Law in Relation to Veterans Exemptions
and to Repeal Subdivision 5 of § 458 of the Real Property
Tax Law Relating Thereto."
The provisions of Real Property Tax Law § 458,
as amended, relative to Veterans Exemption, shall apply to Town of
Brutus real property taxes levied by the Town of Brutus.
A.
Notwithstanding the limitation on the amount of exemption
prescribed in Subdivision 1 or 2 of Real Property Tax Law § 458,
if the total assessed value of the real property for which such exemption
revaluation or update of assessments and a material change in level
of assessment is certified for the assessment roll pursuant to the
State Board, the Assessor shall increase or decrease the amount of
such exemption by multiplying the amount of such exemption by such
change in level of assessment.
B.
Owners of property who previously received an exemption
pursuant to this section, but who opted instead to receive exemption
pursuant to § 458-a; [1] provided, however, that if an exemption pursuant to this
section was initially granted to a parcel on a later assessment roll,
the cumulative-change-in-level factor to be used in recomputing that
exemption shall be measured from the assessment roll immediately preceding
the assessment roll on which that exemption was initially granted.
No refunds or retroactive entitlements shall be granted.
This article shall be applied to assessment
rolls prepared on the basis of a taxable status date of March 1995
and thereafter.
