[Adopted 7-5-1988 by L.L. No. 2-1988 as Ch. 107, Art. III of the 1988 Code]
The Village of North Collins adopts the New York State Business Improvement Property Tax Exemption Act of 1976 (Real Property Tax Law § 485-b), except that Subdivision 2(a) thereof shall read as follows:
2.(a)
Such real property shall be exempt for a period of one year to the extent of 50% of the increase in assessed value thereof attributable to such construction, alteration, installation or improvement, with a minimum of $10,000 on all new construction or remodeling; and for an additional period of four years; provided, however, that the extent of such exemption shall be decreased by 10% each year during such additional period of four years. The following table shall illustrate the computation of the tax exemption:
Year of Exemption
Percentage of Exemption
1
50
2
40
3
30
4
20
5
10