[Adopted 7-16-1992, effective 8-17-1992, as amended 5-16-2002 (Ch. II, § 8, 2-08-05, of the 1991 Code). Subsequent amendments noted where applicable.]
The Town Council, acting through the Tax Assessor, is hereby authorized to adjust the tax exemption for all persons entitled thereto in any year that the Town has a real property reevaluation or statistical update.
Any adjustment of the tax exemption for persons entitled thereto shall be made to reflect at least the same monetary savings that appeared on the property tax bill that existed for the year prior to reevaluation or statistical update of such real property. Any adjustment of the tax exemption for persons entitled thereto hereunder shall be in increments of $1,000 and shall be rounded up to the nearest thousand dollars.
After any adjustment of exemption upon reevaluation or statistical update pursuant to the authorization conferred by §§ 247-12 and 247-13 of this article, the Town Council shall have a certificate setting forth the amount of such adjustments prepared by the Tax Assessor and presented to it.
The provisions of this article shall be enforced by the Town Council through the Tax Assessor.
This article shall take effect immediately prior to the issuance of tax bills by the Tax Assessor in 1992.