[Adopted 10-14-2014 by L.L. No. 6-2014]
Pursuant to the provisions of § 485-b of the Real Property Tax Law of the State of New York, the Village of Fayetteville Board of Trustees is authorized to adopt a partial real property tax exemption for certain commercial, business and industrial improvements in the Village. This article shall allow real property constructed, altered, installed or improved for the purpose of commercial, business or industrial activity to be exempt from taxation, special ad valorem levies and service charges, pursuant to Real Property Law § 485-b, to the extent hereinafter provided.
Such real property shall be exempt for a period of one year to the extent of 50% of the increased 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%