[Adopted 3-5-1979 by L.L. No. 1-1979]
The Town Board of the Town of Penfield, New York hereby establishes
a changed exemption in order to limit the effect of the business investment
exemption authorized under the provisions of Real Property Tax Law
§ 485-b, and any and all amendments thereto.
[Amended 7-17-1989 by L.L. No. 2-1989]
The exemption hereby authorized shall be in assessed value thereof
attributable to construction, alteration, installation or improvement
of the eligible business facility. The schedule of yearly percentable
exemptions authorized is set forth in the following table:
|
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%
|
This article is to take effect immediately upon filing with
the Secretary of State in accordance with Municipal Home Rule Law
§ 27 and the Board of Equalization and Assessments, and
shall apply to assessment rolls prepared on the basis of taxable status
dates occurring on or after May 1, 1979.
