Town of East Fishkill, NY Article III Economic Development Zone Exemption

[Adopted 2-9-1995 by L.L. No. 1-1995]

§ 168-5 Title.

This article shall be entitled a "Local law adding Article III to Chapter 168 of the East Fishkill Code to be entitled "Economic Development Zone Exemption."

§ 168-6 Purpose and intent; implementation of exemption.

The Town of East Fishkill hereby enacts § 485-e of Real Property Tax Law, whereby real property constructed, altered, installed or improved in an area within the Town of East Fishkill designated as an Economic Development Zone pursuant to Article 18-B of the General Municipal Law shall be exempt from taxation and special ad valorem levies by the Town of East Fishkill for the period and to the extent hereinafter provided. Any such exemption shall be implemented in accordance with the procedures, and subject to the conditions, more fully set forth in § 485-e of the Real Property Tax Law.

§ 168-7 Applicability of statute.

This article is adopted pursuant to enabling legislation set forth in § 485-e of Real Property Tax Law of the State of New York entitled "Economic Development Zone Exemption," and interpretation of this article is to be consistent with interpretation of the enabling legislation. Any exemption provided pursuant to this article is subject to and limited by the provisions of § 485-e of the Real Property Tax Law. All terms used in this article shall have the definitions as set forth in 485-e.

§ 168-8 Term of exemption.

The exemption provided herein shall be for a term of 10 years commencing from the date on which the Economic Development Zone was designated.[1]

[1] Editor's Note: The Economic Development Zone Map is on file in the Town offices.

§ 168-9 Amount of exemption.

The amount of exemption shall be computed in accordance with the percentages delineated in Real Property Tax Law § 485-e, Subdivision 1(b) and (c), as applied to the "base amount" as defined in Real Property Tax Law § 485-e, Subdivision 2.