The State of New York has granted a business investment exemption to real property constructed, altered, installed or improved subsequent to the first day of July 1976 for the purpose of commercial, business or industrial activity, and the Village of Solvay has determined that to allow such an exemption to stand unaltered would be detrimental to the functions and services provided to the people of the Village of Solvay.
[Adopted 2-14-1978 by L.L. No. 1-1978]
Pursuant to § 485-b, Subdivision 7, of the Real Property Tax Law, henceforth, the percentage of exemption allowed in the Village of Solvay as a business investment exemption to real property constructed, altered, installed or improved subsequent to the first day of July 1976 for the purpose of commercial, business or industrial activity shall be according to the following table:
Year of Exemption | Percentage |
|---|---|
1 | 25% |
2 | 20% |
3 | 15% |
4 | 10% |
5 | 5% |
6 | 0% |
From the sixth and subsequent years, exemption will be zero percent 0%. |