[Adopted 11-13-1995 by L.L. No. 5-1995]
Pursuant to the authority of § 421-e
of the Real Property Tax Law, new housing construction within the
subdivision commonly known as the "City View Estates Subdivision"
which received payments, grants or loans pursuant to Article XIX of
the Private Housing Finance Law shall be entitled to a partial exemption
from real property taxation of the real property taxes imposed by
all taxing jurisdiction, other than assessment for local improvements,
for a period not to exceed 10 years in the aggregate after the taxable
status date immediately following the completion thereof, calculated
not to exceed the following exemptions: five years of exemption from
50% of such taxation, followed by one year of 40% of such taxation,
followed by one year of 30% of such taxation, followed by one year
of 20% of such taxation, followed by one year of 10% of such taxation.
Thereafter such taxation shall be at 100%.
Anything herein contained to the contrary notwithstanding, in the event that such new housing construction ceases to be eligible for payments, grants or loans pursuant to Article XIX of the Private Housing Finance Law during the period of eligibility referred to at § 270-10 hereof, the exemptions herein granted shall terminate on and after the taxable status date following such loss of eligibility and shall not thereafter be restored.
In no event shall the exemptions granted pursuant to § 270-10 herein be extended beyond a period of 10 years from the date the exemptions herein granted first commenced nor shall the exemptions herein granted apply to any new housing construction project not specifically referred to herein.
