[Adopted 4-19-1999 by L.L. No. 3-1999[1]]
[1]
Editor's Note: This local law superseded former
Art. II, Business Investment Exemption, adopted 4-16-1979 by L.L.
No. 2-1979, as amended.
[Amended 10-1-2018 by L.L. No. 4-2018]
The purpose of this article is to provide property tax relief
to businesses that construct, alter, install or improve commercial
and industrial buildings used for buying, selling, storing, or development
of goods and services, the manufacture or assembly of goods or the
processing of raw materials, hotels and motels through § 485-b
of the Real Property Tax Law — Business Investment Exemption.
Ordinary maintenance and repairs are excluded from abatement
[Amended 10-1-2018 by L.L. No. 4-2018]
A.
The full provisions of § 485-b of the Real Property Tax
Law — Business Investment Exemption — Basic Exemption,
shall be offered to all eligible businesses with the bounds of the
following Village zoning districts:
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Central Business District (CBD)
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Business District (B-1)
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Light Business District (B-2)
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Business and Light Industrial Business District (BLI)
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Industrial Zoning District (IND)
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Innovation District (ID)
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Aviation District (A-D)
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B.
Such exemption shall be for a fixed term of 10 years with a 50% exemption
in year one; 45% exemption in year two; 40% exemption in year three;
35% exemption in year four; 30% exemption in year five; 25% exemption
in year six; 20% exemption in year seven; 15% exemption in year eight;
10% exemption in year nine; 5% exemption in year 10.
This article shall take effect immediately upon
notification from the Secretary of State of the filing thereof.
