Real property constructed, altered, installed
or improved subsequent to the first day of May 1977 for the purpose
of commercial, business or industrial activity shall not be exempt
from taxation, special ad valorem levies and service charges to any
extent as authorized under Subdivision 7 of § 485-b of the
Real Property Tax Law.
The per centum of exemption as set forth in
Subdivision 2(a) of § 485-b of the Real Property Tax Law
shall be reduced to zero for the first year and shall be zero every
year thereafter for the next eight years.
