[Adopted 2-15-1989 by L.L. No. 1-1989]
The purpose of this article is to eliminate
the business investment exemption, authorized by § 485-b
of the Real Property Tax Law, for improvements to real property utilized
for business, commercial and industrial purposes in the Town of Carmel
by reducing the per centum of exemption from real property taxes allowed
from 50% to 0%. The statutory authority for this article is contained
in § 485-b. Subdivision 7, of the Real Property Tax Law.
The business investment exemption provided in
§ 485-b, Subdivision 2(a) is hereby amended as follows:
"The per centum of the increase in assessed value for which real property
shall be exempt following construction, alteration, installation or
improvement for commercial business or industrial activity shall be
reduced from 50% to 0%."
