[Adopted 2-9-1995 by L.L. No. 1-1995]
The Town of East Fishkill hereby enacts § 485-e
of Real Property Tax Law, whereby real property constructed, altered,
installed or improved in an area within the Town of East Fishkill
designated as an Economic Development Zone pursuant to Article 18-B
of the General Municipal Law shall be exempt from taxation and special
ad valorem levies by the Town of East Fishkill for the period and
to the extent hereinafter provided. Any such exemption shall be implemented
in accordance with the procedures, and subject to the conditions,
more fully set forth in § 485-e of the Real Property Tax
Law.
This article is adopted pursuant to enabling
legislation set forth in § 485-e of Real Property Tax Law
of the State of New York entitled "Economic Development Zone Exemption,"
and interpretation of this article is to be consistent with interpretation
of the enabling legislation. Any exemption provided pursuant to this
article is subject to and limited by the provisions of § 485-e
of the Real Property Tax Law. All terms used in this article shall
have the definitions as set forth in 485-e.
The exemption provided herein shall be for a
term of 10 years commencing from the date on which the Economic Development
Zone was designated.[1]
[1]
Editor's Note: The Economic Development Zone
Map is on file in the Town offices.
The amount of exemption shall be computed in
accordance with the percentages delineated in Real Property Tax Law
§ 485-e, Subdivision 1(b) and (c), as applied to the "base
amount" as defined in Real Property Tax Law § 485-e, Subdivision
2.