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.
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