[Adopted 8-7-1989 by L.L. No. 5-1989; amended in its entirety 6-1-1992 by L.L. No. 4-1992]
The purpose of this article is to adopt the business investment exemptions provided for by § 485-b of the Real Property Tax Law, except as herein modified. The statutory authority for this article is contained in § 485-b, Subdivision 7, of the Real Property Tax Law.
A. 
Real property constructed, altered, installed or improved subsequent to the first day of January 1992 for the purpose of commercial, business or industrial activity shall be exempt from taxation and special ad valorem levies to the extent hereinafter provided.
B. 
Such real property shall be exempt for a period of one year to the extent of 50% of the increase in assessed value thereof attributable to such construction, alteration, installation or improvement and for an additional period of four years; provided, however, that the extent of such exemption shall be decreased by 5% each year during such additional period of nine years, and such exemption shall be computed with respect to the increase in assessed value as determined in the initial year of such ten-year period following the filing of an original application; provided, however, that in any year in which a change in level of assessment of 15% or more is certified for an assessment roll pursuant to the rules of the State Board, the exemption shall be recomputed to take into account the increase in assessed value due to the change in level of assessment, notwithstanding the fact that the Assessor receives the certification after the completion, verification and filing of the final assessment roll. In the event that the Assessor does not have custody of the roll when such certification is received, the Assessor shall certify the recomputed exemption to the local officers having custody and control of the roll, and such local officers are hereby directed and authorized to enter the recomputed exemption certified by the Assessor on the roll. The following table shall illustrate the computation of the tax exemption:
[Amended 7-21-2015 by L.L. No. 2–2015]
Year of Exemption
Percentage of Exemption
1
50%
2
45%
3
40%
4
35%
5
30%
6
25%
7
20%
8
15%
9
10%
10
5%
C. 
All other provisions of said Real Property Tax Law § 485-b, except as modified above, are hereby adapted in toto.
This article shall take effect immediately in accordance with law. Nothing contained herein shall be deemed to effect exemptions existing prior in time to the passage of this article.