[Adopted 11-8-1976 by L.L. No. 2-1976]
[Amended 12-16-1985 by L.L. No. 2-1985]
The business investment exemption is hereby increased so that the real property entitled to business investment exemption, pursuant to § 485-b of the Real Property Tax Law, shall be exempt for the period of one year to the extent of 50% of the increased assessed value, such percentage of exemption decreasing by 5% each year during the following period of nine years.
[Amended 5-27-1997 by L.L. No. 2-1997]
A copy of this article shall be filed with the State Board of Equalization and Assessment and shall also be filed with the appropriate Assessors, as provided in § 485-b, Subdivision 7, of the Real Property Tax Law.
This article shall take effect immediately.