[Adopted 10-12-1976 by L.L. No. 11-1976]
The purpose of this article is to provide for
the reduction of the per centum of the real property tax exemption
provided for in § 485-b (Chapter 278 of the Laws of 1976),
Subdivision 2(a), of the Real Property Tax Law.
This article shall hereafter be known and cited
as the "Tax Exemption Reduction Law."
As used in this article, unless otherwise expressly
stated, terms shall be as set forth in § 485-b (Chapter
278 of the Laws of 1976) of the Real Property Tax Law.
The real property tax exemption percentage,
as set forth in Subdivision 2(a) of § 485-b (Chapter 278
of the Laws of 1976) of the Real Property Tax Law be and the same,
and pursuant to Subdivision 7 thereof, is hereby reduced to 0%.
