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.