[Adopted 10-11-1977 by L.L. No. 3-1977]
Section 485-b of the Real Property Tax Law of
New York State provides for a partial business investment exemption
from taxation, special ad valorem levies and service charges for certain
real property located within the state. Subdivision 7 of § 485-b
of the Real Property Tax Law of New York State provides that a Town
may, by local law, reduce the per centum of exemption otherwise allowed
pursuant to said § 485-b. It is the purpose of this article
to deny the aforementioned partial business investment exemption from
taxation, special ad valorem levies and service charges.
The partial business investment exemption from
taxation, special ad valorem levies and service charges pursuant to
§ 485-b of the Real Property Tax Law of New York State is
hereby denied for any and all property located in the Town of Niagara.
If, pursuant to § 485-b of the Real
Property Tax Law of New York State, the Town Assessor has approved
any applications granting a partial business investment exemption
from taxation, special ad valorem taxes and service charges for any
real property located in the Town of Niagara prior to the effective
date of this article, such exemptions shall terminate and be of no
force or effect beyond the effective date of this article, and any
such real property shall be thereafter taxed at its full assessed
valuation, including the full assessed valuation of such property
attributable to any construction, alteration, installation or improvement
for which such partial business investment exemption may have been
granted.
