Town of Wheatland, NY Article III Business Investment Exemption

[Adopted 2-2-1995 by L.L. No. 1-1995 (Ch. 86, Art. III, of the 1980 Code)]

§ 119-3 Title.

This article shall be entitled a "Local Law Amending Percentage of Annual Business Investment Exemption pursuant to New York State Real Property Tax Law § 485-b, Subdivision 7."

§ 119-4 Statutory authority.

This article is adopted pursuant to the provisions of § 485-b, Subdivisions 2 and 7, of the Real Property Tax Law of the State of New York.

§ 119-5 Legislative intent.

The Town Board hereby determines that a reduction in the annual percentage of exemption permitted pursuant to New York State Real Property Tax Law § 485-b, Subdivision 2, is in the best interests of the Town.

§ 119-6 Exemption granted.

Effective immediately upon filing of this article with the Secretary of State, the percentages of exemption set forth in New York State Real Property Tax Law § 485-b, Subdivision 2, are amended as follows in accordance with the authority vested in the Town Board pursuant to Real Property Tax § 485-b, Subdivision 7:

Year of Exemption	Percentage of Exemption
1	50%
2	40%
3	30%
4	20%
5	10%
6	0%
7	0%
8	0%
9	0%
10	0%

§ 119-7 Applicability.

The purpose of this article is to amend only the exemption percentage schedule. Section 485-b of the New York State Real Property Tax Law shall be applicable in all other respects to exemption applicants.