The Village Board hereby exercises the power given to it by
§ 458-a, Subdivision 2(d)(ii), of the New York Real Property
Tax Law to set the maximum amounts of the assessed value of qualifying
residential real property, as defined in § 458-a, Subdivision
1(d), of the New York Real Property Tax Law, that will be exempt from
taxation pursuant to § 458-a of the New York Real Property
Tax Law. "New York Real Property Tax Law" is abbreviated to read "RPTL."