The purpose of this article is to provide for the reduction of the per centum of the real property tax exemption provided for in § 485-b, Subdivision 2(a), of the Real Property Tax Law.
[Adopted 11-4-1976 by L.L. No. 9-1976]
This article shall hereafter be known and cited as the "Tax Exemption Reduction Law."
As used in this article, unless otherwise expressly stated, definitions of terms 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 be and the same is hereby reduced to 0%.