HomeMy WebLinkAboutLL 04 of 2000 Business Investment Exemption Reduction.pdf Town Board Meeting 8/07/00
TOWN OF ITHACA
LOCAL LAW NO. 4 OF THE YEAR 2000
A LOCAL LAW REDUCING THE BUSINESS INVESTMENT EXEMPTION UNDER
SECTION 485-B OF THE REAL PROPERTY TAX LAW
Be it enacted by the Town Board of the Town of Ithaca as follows:
Section 1. Reduction in Exemption. Pursuant to the provisions of Subsection 7 of Section
485-b of the Real Property Tax Law of the State of New York, the Town of Ithaca hereby reduces
the Business Investment Exemption to an amount equal to zero (0) per centum.
Section 2. A project in course of construction pursuant to a building permit issued by the
Town of Ithaca at the time of the adoption of this Local Law, and exemptions existing prior in time
to the adoption of this Local Law shall not be subject to the reduction in the Business Investment
Exemption adopted herein.
Section 3. This Local Law and the reduction in the Business Investment Exemption adopted
herein shall be effective immediately.