[Adopted 12-10-1976 by L.L. No. 3-1976]
Section 485-b of the Real Property Tax Law of
the State of New York, entitled "Business Investment Exemption" provides
exemptions from taxation, ad valorem levies and service charges for
certain commercial, business or industrial properties in the manner
therein provided and authorizes a village by local law to reduce the
per centum of exemption otherwise allowed pursuant to such section.
The Village of Southampton, New York, does hereby
reduce the per centum of exemption otherwise allowed under § 485-b
of the Real Property Tax Law of the State of New York to zero, the
intent being to make the exemptions set forth in said § 485-b
inapplicable in the Village of Southampton.
