[Amended 7-15-1999 by L.L. No. 1-1999]
Notwithstanding the limitation on the amount
of exemption prescribed in Subdivisions 1 and 2 of § 458
of the Real Property Tax Law, if the total assessed value of the real
property for which a veterans exemption has heretofore been granted
increases or decreases as the result of a revaluation 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 Real Property Services, the Town Assessors shall increase or decrease
the amount of such veterans exemption by multiplying the amount of
such exemption by the change in level of assessment.
Notwithstanding the provisions of § 458,
Subdivision 6(b), of the Real Property Tax Law, owners of property
who previously received a veterans exemption but who opted instead
to receive exemption pursuant to § 458-a (Alternative Exemption)
of the Real Property Tax Law are hereby authorized to again receive
an exemption pursuant to § 458, Subdivision 5(a), of the
Real Property Tax Law upon application within one year from the date
of adoption hereof; provided, however, that no refunds or retroactive
entitlements shall be granted.
All administrative procedures set forth in the
amendments to § 458, Subdivisions 5(a) and (b), as effected
by Chapter 410 of the Laws of 1994, shall apply to the administrative
change of assessments authorized herein.