The purpose of this article is to provide for
the reduction of the per centum of the real property tax law exemption
provided for in § 485-b, Subdivision 2(a), of the Real Property
Tax Law for tax exemption for certain business improvements.
This article shall be known as the "Business
Investment Exemption Law" of the Town of Chenango.
As used in this article, unless otherwise expressly
stated, definitions shall be as set forth in § 485-b of
the Real Property Tax Law.
The real property tax exemption percentage as
set forth in Subdivision 2(a) of § 485-b of the Real Property
Tax Law is reduced to 0% as permitted by enactment of local law in
accordance with § 485-b, Subdivision 7, of the Real Property
Tax Law and there shall be no exemption from tax for business improvements
commenced subsequent to adoption of this article.