[Adopted 10-7-1985 by L.L. No. 1-1985
(Ch. 40, Art. I, of the 1966 Codification)]
This article is enacted to provide for an adjustment
in the veterans exemption on real property taxes assessed by the Town
of Lancaster in the same proportion as the total assessed value has
been increased or decreased under full value assessment. It will provide
veterans with the same percentage of exemption as is presently accorded
under existing law.
The exemption granted pursuant to this article
shall be granted to real property for which an exemption has been
granted pursuant to § 458 of the Real Property Tax Law on
the assessment roll immediately preceding the change in the level
of assessment, provided that property is owned by the veteran or by
another person eligible to receive such exemption.
An exemption will be granted by the assessing
unit of the Town of Lancaster to eligible owners as defined herein
if the ratio between the exemption granted under § 458 of
the Real Property Tax Law and the total assessed value of the real
property for which such exemption has been granted increases or decreases
due only to a full value assessment in the Town of Lancaster. The
amount of the exemption heretofore or hereafter granted may be increased
or decreased in such subsequent year in the same proportion as the
total assessed value has been increased or decreased. Such adjustment
shall be made by the Assessor in the manner provided in Paragraph
3 of Subdivision 1 of § 458 of the Real Property Tax Law,
and no application therefor need be filed by or on behalf of any owner
of any eligible property.
The taxes affected will be real property taxes
levied by the Town of Lancaster.
This article shall take effect after filing
and publication as required by law.
