The per centum of exemption allowed by Real Property Tax Law § 485-b, Subdivision 2(a)(i), in which real property constructed, altered, installed or improved subsequent to July 1, 1976, for the purpose of commercial, business or industrial activities is granted an exemption from taxation and special ad valorem levies to the extent of 50% of the increase in assessed value thereof attributable to such construction, alteration, installation or improvement, is hereby reduced from 50% to zero.
[Adopted 2-17-2000 by L.L. No. 1-2000]
This article reducing the per centum of exemption shall not apply to a project in the course of construction or exemptions existing prior to the adoption of this article.