Effective June 8, 1976, the New York State Legislature
amended the New York Real Property Tax Law by adding § 485-b
(1976 Session Law, c. 278), the effect of which is to provide partial
real property tax exemptions for business improvements to real property.
Such partial real property tax exemptions for business improvements
would not be in the best interest of the Town of Shelter Island, its
taxpayers and its citizens. The New York Real Property Tax Law § 485-b,
Subdivision 7, provides that "..a Town ... may, by local law ... reduce
the percentum of exemption...." It is the intent of this legislation
to exercise the powers provided by the New York Real Property Tax
Law § 485-b, Subdivision 7, the New York Municipal Home
Rule Law § 10, Subdivision 1d(3), to reduce to zero the
partial real property tax exemptions on business improvements provided
by New York Real Property Tax Law § 485-b.
Pursuant to New York Real Property Tax Law § 485-b,
Subdivision 7, the partial real property tax exemptions for business
improvements provided by New York Real Property Tax Law § 485-b,
Subdivision 2, are hereby reduced to zero for years one through 10.