[Adopted 2-16-1995 by L.L. No. 2-1995]
Pursuant to § 485-b of the Real Property Tax Law of the State of New York, the per centum of exemption otherwise allowed by said section is hereby increased to the maximum allowable per centum of exemption set forth in § 485-b, as follows:
Year of Exemption
Percentage of Exemption
(percent)
1
50%
2
45%
3
40%
4
35%
5
30%
6
25%
7
20%
8
15%
9
10%
10
5%
Pursuant to § 485-b no such exemption shall be granted unless the cost of such construction, alteration, installation or improvement exceeds the sum of $50,000.
This article shall apply only to construction, alterations, installations, or improvements commenced subsequent to the effective date of this article.
This article shall take effect immediately upon its filing with the Secretary of State, and a copy of such article shall be filed with the State Board of Equalization and Assessment.