[Adopted 7-22-2004 by L.L. No. 5-2004 (Ch. 97, Art. VI, of the 1986 Code)]
The purpose of this article is to eliminate the partial business
investment exemption provided by § 485-b of the Real Property
Tax Law.
Pursuant to the authority of Subdivision 7 of § 485-b
of the Real Property Tax Law, the partial exemption from property
taxes, special ad valorem levies and service charges provided by such
§ 485-b is hereby eliminated by reducing the percentum of
exemption to zero; provided, however, that exemptions existing prior
in time to the effective date of this article shall not be subject
to reduction.
