[Adopted 7-13-1988 by L.L. No. 3-1988; passed at referendum 8-29-1988]
Pursuant to the authority of Subdivision 7 of § 485-b of the Real Property Tax Law, the partial exemption from taxation, special ad valorem levies and service charges provided by Subdivision 2 of such § 485-b to eligible real property assessed for Town purposes is hereby reduced as provided herein. The exemption granted for the first year shall be to the extent of 0%. Thereafter for each of the next succeeding nine years, such exemption shall be 0%.