[Adopted 11-19-1976 by L.L. No. 3-1976; amended in its entirety 12-17-1976 by L.L. No. 5-1976]
Section 485-b of the Real Property Tax Law of the State of New York, entitled "Business Investment Exemption," provides exemptions from taxation, ad valorem levies and service charges for certain commercial, business or industrial properties in the same manner therein provided and authorizes a Village, by local law, to reduce the percent of exemption otherwise allowed pursuant to such section.
The Village of Quogue, New York, does hereby reduce the percent of exemption otherwise allowed under § 485-b of the Real Property Tax Law of the State of New York to zero, the intent being to make the exemptions set forth in said § 485-b inapplicable in the Village of Quogue.