[Adopted 5-17-1977 by L.L. No. 2-1977 (Ch. 95, Art. II, of
the 1976 Code)]
Pursuant to the authority stated in Real Property Tax Law § 485-b,
Subdivision 7, and any other applicable provision of law, it is the
intent of this article to supersede and reduce the percentum of exemption
otherwise allowed pursuant to § 485-b of the Real Property
Tax Law.
A.
Real Property Tax Law § 485-b, Business investment exemption,
Subdivision 2(a), currently states:
|
Such real property shall be exempt for a period of one year
to the extent of 50% of the increase in assessed value thereof attributable
to such construction, alteration, installation or improvement and
for an additional period of nine years; provided, however, that the
extent of such exemption shall be decreased by 5% each year during
such additional period of nine years. The following table shall illustrate
the computation of the tax exemption:
|
|
Year of Exemption
|
Percentage of Exemption
| |
|---|---|---|
|
1
|
50%
| |
|
2
|
45%
| |
|
3
|
40%
| |
|
4
|
35%
| |
|
5
|
30%
| |
|
6
|
25%
| |
|
7
|
20%
| |
|
8
|
15%
| |
|
9
|
10%
| |
|
10
|
5%
|
B.
Said § 485-b, Subdivision 2(a), shall be superseded by
the following:
|
Such real property shall be exempt for a period of one year
to the extent of 0% of the increase in assessed value thereof attributable
to such construction, alteration, installation or improvement and
for an additional period of nine years; provided, however, that the
extent of such exemption shall be decreased by 0% each year during
such additional period of nine years. The following table shall illustrate
the computation of the tax exemption:
|
|
Year of Exemption
|
Percentage of Exemption
| |
|---|---|---|
|
1
|
0%
| |
|
2
|
0%
| |
|
3
|
0%
| |
|
4
|
0%
| |
|
5
|
0%
| |
|
6
|
0%
| |
|
7
|
0%
| |
|
8
|
0%
| |
|
9
|
0%
| |
|
10
|
0%
|
