The tax exemption allowed by § 485-b
of the Real Property Tax Law shall be reduced to zero with respect
to the assessment of real property regarding the levy of real property
taxes and service charges of the Village of Croton-on-Hudson.
This article shall take effect immediately after
its adoption; provided, however, that exemptions under Real Property
Tax Law § 485-b existing prior in time to the effective
date of this article shall not be subject to the reduction effected
by this article.