[Adopted 5-22-1990 as L.L. No. 8-1990 (Subpart T of the 1970 Code)]
A. 
Pursuant to the authority of § 421-e of the Real Property Tax Law, all conversion of existing structures and all new construction of cooperative, condominium, homesteading or rental projects constructed or converted after the effective date of this article and receiving payments, grants or loans pursuant to Article 18 or Article 19 of the Private Housing Finance Law shall be partially exempt, as per schedule below, from real property taxes imposed by the Village of Spring Valley, other than for assessments for local improvements, for a period of 10 years from the taxable status date immediately following the completion or conversion of said project:
[Amended 4-11-1995 by L.L. No. 1-1995]
Year
Exemption
1
50
2
45
3
40
4
35
5
30
6
25
7
20
8
15
9
10
10
5
B. 
Said exemption shall be in addition to any other exemptions or abatement authorized by law.
C. 
This exemption shall terminate upon said projects no longer being subject to the provisions of Article 18 and/or Article 19.