Pursuant to Subdivision 2 of § 485-b of the Real Property Tax Law of the State of New York, real property constructed, altered, installed or improved for the purpose of commercial, business or industry activity in the Town of Seneca Falls shall be exempt from taxation and special ad valorem levies to the extent hereinafter provided. The following table shall illustrate the computation of the tax exemption:
Year of Exemption
Percentage of Exemption
1
50%
2
45%
3
40%
4
35%
5
30%
6
25%
7
20%
8
15%
9
10%
10
5%