[Adopted 9-19-1994 by L.L. No. 2-1994]
By the adoption of this article it is intended
to implement a change in the amount of the eligible funds exemption
granted by the Village of Menands to veterans in the event of a material
change in the level of assessment, as authorized by Subdivision 5
of § 458 of the Real Property Tax Law.
In the event that the total assessed value of any real property for which an exemption prescribed in Subdivision 1 or 2 of § 458 of the Real Property Tax Law has been granted increases or decreases as the result of a revaluation or update of assessments and a material change in level of assessment, as provided in Title 2 of Article 12 of such Real Property Tax Law, is certified for the assessment roll pursuant to the rules of the State Board of Equalization and 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 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.
The provisions of this article may be applied
retroactively to an assessment roll prepared on the basis of a taxable
status date occurring on or after March 1, 1994.
This article is authorized by Subdivision 5
of such § 458 of the Real Property Tax Law, as enacted by
Chapter 410 of the Laws of New York for 1994.
