[Adopted 9-9-1976 by L.L. No. 1-1976]
The purpose of this article is to provide for
the reduction of the per centum of the real property tax exemption
provided for in § 485-b, Subdivision 2(a), of the Real Property
Tax Law.
This article shall hereafter be known and cited
as the "Tax Exemption Reduction Law."
As used in this article, unless otherwise expressly
stated, definitions shall be as set forth in § 485-b of
the Real Property Tax Law.
The real property tax exemption percentage as
set forth in Subdivision 2(a) of § 485-b of the Real Property
Tax Law be and the same is hereby reduced to 1/1000 of 1% per annum
for the first through the 10th years of exemption.
