Pursuant to the authority of § 485
of the Real Property Tax Law, eligible business facilities, as described
in § 115 of the Commerce Law, constructed, reconstructed
or improved, which are located within the Village of Warwick, shall
be exempt from taxation imposed by or on behalf of the Village of
Warwick to the extent of an increase in assessed valuation attributable
to such construction, reconstruction or improvement in accordance
with the following schedule:
Year
|
Percent of Exemption
|
---|
First three years
|
100
|
No exemption for special ad valorem levies imposed
for special districts or other special purposes is granted.
Such exemption shall be granted and shall continue
only in accordance with § 485 of the Real Property Tax Law
and Article 4-A of the Commerce Law.
This article is subject to a permissive referendum
and shall take effect immediately upon filing in the office of the
Secretary of State, as provided by law.