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%
|
In order to qualify for such exemption, an eligible business
facility shall comply with the foregoing provisions of the Real Property
Tax Law and the Commerce Law as now or in the future amended.
The percentage of exemption under the Real Property Tax Law § 485-b is hereby reduced to zero for eligible business facilities which are granted exemptions pursuant to §
254-1 hereof.