[Adopted 12-14-2009 by L.L. No. 55-2009[1]]
[1]
Editor's Note: This local law provided that it shall take
effect on January 2, 2010, subject to acceptance and filing by the
Secretary of State.
The real property tax exemptions provided by § 485-b
of the Real Property Tax Law to real property constructed, altered,
installed or improved for the purpose of commercial, business or industrial
activity is hereby reduced to the following exemptions in the corresponding
years. No such exemption will be available after the fifth year.
|
Year of Exemption
|
Percentage of Exemption
|
|---|---|
|
1
|
25%
|
|
2
|
20%
|
|
3
|
15%
|
|
4
|
10%
|
|
5
|
5%
|
