The Board of Trustees of the Incorporated Village of East Hampton finds that the real property tax exemptions for commercial, business or industrial property provided for in Chapter 278 of the Laws of 1976 (Real Property Tax Law § 485-b) would encourage unnecessary and unwanted commercial growth in the Village of East Hampton.
Real property constructed, altered, installed
or improved subsequent to July 1, 1976, for the purpose of commercial,
business or industrial activity, and real property otherwise qualify,
except for this article, for a real property tax exemption pursuant
to § 485-d of the Real Property Tax Law, shall not be exempt
from taxation, special ad valorem levies and service charges and shall
not be entitled to the exemption, or any part thereof, set forth in
§ 485-b of the Real Property Tax Law.
