This article shall hereafter be known and cited as the "Tax Exemption Reduction Law."
[Adopted 10-20-1976 by L.L. No. 2-1976]
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%.