[Adopted 7-13-1999 by L.L. No. 7-1999]
This article shall be known as the "Exemption from Taxation and Special
Ad Valorem Levies for Real Property Located Within a Designated Economic Development
Zone within the Village of Waverly."
This article is enacted pursuant to the authority of § 485-e
of the Real Property Tax Law of the State of New York.
The Board of Trustees for the Village of Waverly in the County of Tioga,
State of New York, hereby ordains, enacts and publishes this article for the
purpose of providing an exemption from taxation and ad valorem of levies by
the Village of Waverly for any property within an Economic Development Zone
which lies, in whole or in part, within its boundaries.
Real property constructed, altered, installed or improved in an area
designated as an economic development zone pursuant to Article 18B of the
General Municipal Law shall be exempt from taxation and special ad valorem
levies by the Village of Waverly for the period and to the extent provided
in § 485-e of the Real Property Tax Law of the State of New York.
The exemption shall be limited to the increase in assessed value attributable
to the construction, alteration, installation or improvement of the real property.
The exemption herein authorized shall be for a term of 10 years, notwithstanding
that the designation of the economic development zone may expire prior to
the end of such ten-year term.
The amount of such exemption in the first seven years of its term shall
be 100% of the increase in assessed value in accordance with § 485-e
of the Real Property Tax Law of the State of New York. The amount of such
exemption in the eighth, ninth and 10th years of its term shall be 75%, 50%,
and 25%, respectively, of such increase in assessed value.
