[Adopted 9-10-1984 by L.L. No. 3-1984]
The Town Board of the Town of Royalton finds that the business
investment exemption provided for in § 485-b of the Real
Property Tax Law of the State of New York has not generally been utilized
by businesses other than utilities in the Town of Royalton and that
such section has not been effective to encourage improvement of real
property for commercial, business and industrial purposes within the
Town. It therefore appears to be in the public interest to entirely
dispense with such exemption as it applies to real property within
the Town of Royalton.
Pursuant to the authority granted in § 485-b(7) of
the Real Property Tax Law, the amount of any exemption from taxation
otherwise allowed pursuant to § 485-b of said law is reduced
to that of 0%; provided, however, that exemptions existing prior in
time to the effective date of this article shall not be subject to
such reduction.
