[Adopted 12-20-1976 by L.L. No. 3-1976]
As provided in Subdivision 7 of § 485-b of the Real Property Tax Law, the exemption table set forth in Subdivision 2(a) of that section shall be amended to read as follows:
The Incorporated Village of Stewart Manor, in exercise of the option granted by Subdivision 7 of § 485-b, hereby reduces the per centum of the exemption otherwise allowed pursuant to said section, to wit: the extent of the exemption in the year one shall be zero percent 0% of the increase in assessed value attributable to any qualified construction, alteration, installation or improvement, and said zero percentage shall continue to apply to such increase in assessed value in each and every year thereafter.