[Adopted 2-13-2001 by L.L. No. 1-2001]
This article shall be known as the "Veterans' Eligible Funds Adjustment Law" of the Town of Sweden.
It is the purpose and intent of this article to implement legislation signed into law by the Governor of the State of New York, which amends § 458, Subdivision 5, of the Real Property Tax Law of the State of New York to direct the Town Assessor to adjust the amount of the eligible funds veterans' exemption based upon reassessment of property within the Town as a result of a revaluation or update and obtain the benefits of the amended provision of the Real Property Tax Law.
The Town Board of the Town of Sweden hereby recognizes that the total assessed value of the real property for which an exemption has been granted pursuant to Subdivision 1 or 2 of § 458 of the Real Property Tax Law will be increased or decreased as a result of a revaluation or update, and a material change in the level of assessment will be certified for the assessment roll of the Town of Sweden pursuant to the rules of the New York State Office of Real Property Services.
The Assessor of the Town of Sweden is hereby directed to increase or decrease the amount of the eligible funds veterans' exemption by multiplying the amount of the exemption by the change in the level of assessment for the Town of Sweden, as determined by and certified by the New York State Office of Real Property Services pursuant to the rules of said office.