[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%.
