Pursuant to the authority of Subdivision 7 of § 485-b of the Real Property Tax Law, the partial exemption from taxation, special ad valorem levies and service charges provided by Subdivision 2 of such § 485-b to eligible real property assessed for Town purposes is hereby reduced as provided herein. The exemption granted for the first year shall be to the extent of 25%. Thereafter such exemption shall be reduced and computed for the number of years set forth herein as follows:
Years of Exemption | Percentage of Exemption |
|---|---|
1 | 25% |
2 | 20% |
3 | 15% |
4 | 10% |
5 | 5% |
6 | 0% |
7 | 0% |
8 | 0% |
9 | 0% |
10 | 0% |