Section 1. TITLE:
This local law shall be known as the "VETERANS PROPORTIONAL EXEMPTION LAW 0F THE VILLAGE OF SACKETS HARBOR.
Section 2. PURPOSE:
The purpose Of this local law is to preserve the ratio which each veterans exemption from taxation on real property bears to the total assessed value of the real property for which, such exemption has been granted whenever such total assessed value increases or decreases due to a change in the manner of assessing.
Section 3. DEFINITIONS:
The meanings of words and expressions as used in this local law shall he identical
to their meanings as used in sections 307 and 458 as amended, of the real property tax law of the state of New York.
Section 4. REQUIREMENTS:
(A) If the ratio between the exemption granted under subdivision 1 of section 458 of the Real Property Tax Law of the State of New York and the total assessed value of the real property for which such exemption has been granted increases or decreases due only to a change in the manner, other than a court ordered full value assessment in the Town of Hounsfield, the amount of the exemption heretofore or hereafter granted shall be increased or decreased, in such subsequent year in the same proportion as the total assessed value has been increased or decreased.
(B) Such adjustment shall be made by the assessors in the manner provided in paragraph three of subsection 458 of the Real Property Tax Law of the State of New York and no application therefore need be filed on behalf of any owner of any eligible property.
Section 5. SEPARABILYTY:
If any part of this Local Law shall be found invalid, such invalidity shall apply only to such part, and the remainder of the Law shall remain valid and effective.
Section 6. REPEAL:
All Local Laws or Ordinances or parts of laws or Ordinances in conflict with any part of this Local Law are hereby repealed.
Section 7- EFFECTIVE DATE:
This Local Law shall go into effect 20 days after the final adoption and filing in office of the Secretary of State.