NY S03233

Amends Real Property Tax Law Section 458(5)(a) to give local governing boards discretion over how veteran property tax exemptions are adjusted following property revaluation or reassessment.

Permits local governments to either increase or decrease exemption amounts by multiplying by the change in assessment level factor, or alternatively maintain the exemption amount unchanged.

Allows local governments to recompute exemptions to maintain the same real property tax liability that existed on the assessment roll immediately prior to revaluation, reassessment, or update.

Directs assessors to certify recomputed exemption amounts to local officers responsible for maintaining tax rolls, who must enter the certified amounts on the roll.

Takes effect immediately upon enactment.