Pursuant to authority granted by the Real Property Tax Law § 485, as amended, and the Commerce Law, Article 4-A, as amended, an eligible business facility as certified by the New York State Job Incentive Board shall be exempt from taxation and special ad valorem levies for City purposes on the following basis:
Years of Exemption | Percentage of Exemption |
|---|---|
1 | 100% |
2 | 100% |
3 | 100% |
4 | 75% |
5 | 75% |
6 | 50% |
7 | 50% |
8 | 50% |
9 | 25% |
10 | 25% |