[Adopted 1-3-1977 by L.L. No. 1-1977]
All real property located in the Village of
Liberty and which otherwise qualifies for the partial tax exemption
provided in § 485-b of the Real Property Tax Law of the
State of New York, as added by the Laws of 1976, Chapter 278, and
any amendments which may from time to time be added thereto, shall
be exempt for a period of one year to the extent of 50% of the increase
in assessed value thereof attributable to any construction alteration,
installation or improvement (as those terms are used in § 485-b
of the Real Property Tax Law of the State of New York) and for an
additional period of four years; provided, however, that the extent
of such exemption shall be decreased by 10% each year during such
additional period of four years. The following table shall illustrate
the computation of the tax exemption:
|
Year of Exemption
|
Percentage of Exemption
|
|---|---|
|
1
|
50
|
|
2
|
40
|
|
3
|
30
|
|
4
|
20
|
|
5
|
10
|
|
6
|
10
|
