[Adopted 5-22-1990 as L.L. No. 8-1990
(Subpart T of the 1970 Code)]
A.
Pursuant to the authority of § 421-e of
the Real Property Tax Law, all conversion of existing structures and
all new construction of cooperative, condominium, homesteading or
rental projects constructed or converted after the effective date
of this article and receiving payments, grants or loans pursuant to
Article 18 or Article 19 of the Private Housing Finance Law shall
be partially exempt, as per schedule below, from real property taxes
imposed by the Village of Spring Valley, other than for assessments
for local improvements, for a period of 10 years from the taxable
status date immediately following the completion or conversion of
said project:
[Amended 4-11-1995 by L.L. No. 1-1995]
|
Year
|
Exemption
| ||
|---|---|---|---|
|
1
|
50
| ||
|
2
|
45
| ||
|
3
|
40
| ||
|
4
|
35
| ||
|
5
|
30
| ||
|
6
|
25
| ||
|
7
|
20
| ||
|
8
|
15
| ||
|
9
|
10
| ||
|
10
|
5
|
B.
Said exemption shall be in addition to any other exemptions
or abatement authorized by law.
C.
This exemption shall terminate upon said projects
no longer being subject to the provisions of Article 18 and/or Article
19.
