Pursuant to the authority of Subdivision 7 of
§ 485-b of the Real Property Tax Law, the per centum of
exemption from taxation allowed to improvements for the purpose of
commercial, business or industrial activity, pursuant to said § 485-b,
is hereby reduced to zero in each of the 10 years provided for in
said section, unless the City Council shall hereafter decide to do
otherwise.
This article shall take effect immediately,
and a copy of this article shall be filed with the State Board of
Equalization and Assessment.