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.
[Adopted 2-16-1977 as L.L. No. 2-1977]
This article shall take effect immediately, and a copy of this article shall be filed with the State Board of Equalization and Assessment.