Real property constructed, altered, installed
or improved in an area designated an economic development zone pursuant
to Article 18-B of the New York State General Municipal Law is exempt
from taxation and special ad valorem levies by Cuba Village for a
term of 10 years, notwithstanding that the designation of the zone
may expire prior to the end of such ten-year term and to the extent
provided in § 485-e of the New York State Real Property
Tax Law.
This article shall be applicable only to exemptions
commencing on assessment rolls with taxable status dates on and after
the effective date of this article.