[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.
