[Adopted 2-17-1998 by L.L. No. 1-1998]
This article shall be known as the "Veterans Eligible Funds Adjustment Law of the Town of Parma."
It is the purpose and intent of this article to implement legislation, S-8472-A, 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 and to permit veterans who had converted from eligible funds veterans exemption to the alternative veterans exemption as a result of a revaluation or update to change back to eligible funds veterans exemption and obtain the benefits of the amended provision of the Real Property Tax Law.
The Town Board of the Town of Parma 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 Parma pursuant to the rules of the New York State Office of Real Property Services.
The Assessor of the Town of Parma 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 Parma, as determined by and certified by the New York State Office of Real Property Services pursuant to the rules of said office.
At any time within one year of the effective date of this article, any owner of property who previously received an exemption pursuant to § 458 of the Real Property Tax Law but who opted instead, as a result of a revaluation or update, to receive exemption pursuant to § 458-a of the Real Property Tax Law may apply to the Town Assessor to again receive the exemption under § 458.
The Town Assessor shall recompute all exemptions granted pursuant to § 458 in the manner set forth in § 458, Subdivision 5(b), of the Real Property Tax Law.