[Adopted 10-23-1989 by L.L. No. 5-1989 as Ch. 194, Art. IV, of the 1989 Code]
A.
The purpose of this article is to reduce the per centum
of exemption authorized by § 485-b of the Real Property
Tax Law.
B.
Said section is applied to real property constructed,
altered, installed or improved subsequent to the first day of July
1976 for the purpose of commercial, business or industrial activity.
The business investment exemption, as provided
for in Real Property Tax Law § 485-b shall be reduced to
0%.
