[Adopted 10-19-1995 by Ord. No. 1625]
Notwithstanding the limitation on the amount
of exemption prescribed in Subdivision 1 or 2 of § 458 of
the New York State Real Property Tax Law, if the total assessed value
of the real property for which such exemption has been granted increases
or decreases as the result of a revaluation or update of assessment
and a material change in level of assessment, as provided in Title
2 of Article 12 of Chapter 410 of the 1994 Laws of New York State,[1] is certified for assessment roll pursuant to the rules
of 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. 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: See § 458 of the
Real Property Tax Law.
