The purpose of this article is to provide for a real property
tax exemption authorized by § 485-a of the Real Property
Tax Law of the State of New York (also known as the "residential-commercial
urban exemption") in the Village of Monticello. This article shall
be read in conjunction with, and in accordance with, the provisions
of § 485-a of the Real Property Tax Law to effectuate the
real property tax exemption hereby authorized, and all words and phrases
used in this article shall, to the extent they are defined therein,
have the same meanings as may be accorded to them in the Real Property
Tax Law.
Nonresidential real property in the Village of Monticello converted to mixed-use property after the effective date of this article shall be exempt from County of Sullivan real property taxes and special ad valorem levies to the extent provided for in § 485-a of the Real Property Tax Law and §
182-102 of this article.