[Adopted 11-25-1997 by L.L. No. 4-1997; amended in its entirety 10-8-2009 by L.L. No. 5-2009]
Pursuant to the authorization set forth in Paragraph
(d) of Subdivision 2 of § 458-a of the Real Property Tax
Law, the maximum exemption allowable in paragraphs (a), (b) and (c)
of said subdivision is increased to $36,000, $24,000 and $120,000,
respectively.
Pursuant to the authorization set forth in Paragraph (a) of
Subdivision 2 of § 458-b of the Real Property Tax Law, qualifying
residential real property shall be exempt from taxation to the extent
set forth in Subparagraph (ii) of Paragraph (a) of said subdivision
(15% of the assessed value); the maximum exemption allowable in Subparagraph
(ii) of Paragraph (a) of said subdivision shall be $12,000, and the
maximum exemption allowable in Paragraph (b) of said subdivision shall
be $40,000.
