[Adopted 11-3-1976 by L.L. No. 2-1976 (Ch. 74, Art. I, of the 1975 Code)]
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.
This article shall hereafter be known and cited as "Tax Exemption Reduction Law."
As used in this article, unless otherwise expressly stated, the terms used herein shall be as set forth in § 485-b of the Real Property Tax Law.
The real property tax exemption percentage as set forth in Subdivision 2(a) of § 485-b of the Real Property Tax Law be and the same is hereby reduced to zero percent 0%.