[Adopted 10-20-1976 by L.L. No. 2-1976]
This article shall hereafter be known and cited as the "Tax Exemption Reduction Law."
The purpose of this article is to provide for the reduction of the per centum of the real property tax exemption provided for in § 485-b, Subdivision 2(a), of the Real Property Tax Law.
Terms used in this article, unless otherwise expressly stated, shall be defined in the same manner as set forth in § 485-b of the Real Property Tax Law.
The real property tax exemption as set forth in Subdivision 2(a) of § 485-b of the Real Property Tax Law be and the same is hereby reduced to 0%.