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%
|