[Amended 3-15-2006 by L.L. No. 1-2006]
The purpose of this article is to maintain the
ratio of the amount of the veterans exemption to the assessed valuation
of the property on which the exemption was granted when the ratio
may change as a result of a revaluation or update of assessment, as
authorized by Subdivision 5(a) of § 458 of the Real Property
Tax Law; to permit veterans to reapply for the exemption as authorized
by Subdivision 5(b) of said § 458 of the Real Property Tax
Law; and to provide for the increased alternative exemption available
under Subdivision 2(d) of § 480-a of the Real Property Tax
Law, as amended by Chapter 256 of the Laws of 2005.
A veteran who had received an exemption under
such § 458 and who had opted for the alternate exemption
of § 458-a of such law may reapply for the exemption under
§ 458 as authorized by of Subdivision 5(b) of such § 458,
if such veteran applies within one year from the adoption of this
article.