[Adopted 3-22-1995 by L.L. No. 5-1995 (Ch. 50B, Art. V, of
the 1965 Code)]
A. Notwithstanding the limitation on the amount of exemption prescribed
in the Village Code under Chapter 50A, if the total assessed value of the real property for
which such exemption has been granted increases or decreases as a
result of a revaluation or update of assessments and a material change
in level of assessment, 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 a
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 exemptions certified
by the Assessor on the roll.
B. Owners of property who previously received an exemption pursuant
to Chapter 50A of the Village Code, but who opted instead to receive
exemption pursuant to § 458-a of the Real Property Tax Law,
may again receive an exemption pursuant to this section upon application
by the owner within one year of the adoption of this article. The
Assessor shall then recompute all exemptions granted pursuant to this
section by multiplying the amount of each such exemption by the accumulative
change in level of assessment certified by the State Board measured
from the assessment roll immediately proceeding the assessment roll
on which exemptions were first granted; provided, however, that if
an exemption pursuant to this section was initially granted to a parcel
on a later assessment roll, the accumulative 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.
Terms used in this article shall be subject to the definition
of § 102 of the Real Property Tax Law.