[Adopted 7-19-1977 by L.L. No. 4-1977;
amended in its entirety 8-15-1995 by L.L. No. 2-1995]
A.Â
Pursuant to Local Law No. 4 of the year 1977 of the Village
of New Hyde Park, enacted and effective July 19, 1977, pursuant to the authority
granted by Subdivision 7 of § 485-b of the New York Real Property
Tax Law (the "RPTL") as added by Chapter 278 of the Laws of 1976 of the State
of New York, and in exercise of the option granted under said statute, the
per centum of the business investment exemption otherwise allowed and to be
annually applied pursuant to said RPTL § 485-b against the increase
in assessed value attributable to any qualified construction, alteration,
installation or improvement commenced within the Village on or after the effective
date of the aforesaid local law and prior to October 1, 1995, shall be reduced
to 0% in each of the prescribed and applicable Village tax years as contemplated
and referred to under the provisions of said statute.
B.Â
Effective on and after October 1, 1995, the per centum
of the annual business investment exemption to be allowed and applied in each
Village tax year, as authorized and prescribed by RPTL § 485-b (as
then currently enacted or amended), against the increase in assessed value
attributable to any qualified construction, alteration, installation or improvement
commenced within the Village subsequent to such effective date, shall be exactly
equal in amount to the applicable annual declining percentages as fixed in,
and otherwise prescribed by, the provisions of the aforesaid statute.
C.Â
Except for adherence to the effective dates and the related
applicable exemption percentages prescribed in and by the preceding subsections,
for Village real property assessment and tax purposes the allowance and application
of any business investment exemption authorized by and under RPTL § 485-b
shall be carried out in strict conformance with all other requirements, limitations
and provisions of such statute.
