[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Said § 485-b, Subdivision 2(a), shall be superseded by the following: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%