Village of Canton, NY Veterans Exemption

In the event that the total assessed value of real property within the Village of Canton, New York, for which a veteran's exemption is granted, pursuant to New York Real Property Tax Law § 458, increases or decreases as the result of a revaluation or update of assessments, and a material change in the level of assessment is certified for the assessment roll pursuant to the rules of the State Board of Equalization and Assessment,[1] the Assessor shall increase or decrease the amount of the veteran's exemption by multiplying the amount of such exemption by the change in level of assessment factor. If the Assessor receives the certification after the completion, verification and filing of the final assessment roll, the Assessor shall certify the amount of exemption as recomputed pursuant to this section to the local officers having custody and control of the roll, and such local officers are hereby directed and authorized to enter the recomputed exemption certified by the Assessor on the roll.

[1]

Editor's Note: Now the State Board of Real Property Services.

Owners of property who previously received an exemption pursuant to the provisions of to New York Real Property Tax Law § 458 but who opted instead to receive an exemption pursuant to New York Real Property Tax Law § 458-a may again receive an exemption pursuant to to New York Real Property Tax Law § 458 upon application by the owner within one year following the adoption of this article of the Village Code. In each case, the Assessor shall recompute the exemption granted pursuant to New York Real Property Tax Law § 458 by multiplying the amount of the exemption by the cumulative change in level of assessment factor certified by the State Board of Equalization and Assessment measured from the assessment roll immediately preceding the assessment roll on which exemptions were first granted pursuant to New York Real Property Tax Law § 458-a. Notwithstanding the foregoing, if an exemption pursuant to New York Real Property Tax Law § 458 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.