[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.
A.
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.
B.
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.
