§ 423. Phase out of exemption for redevelopment company projects upon\nthe cessation of the tax exemption granted pursuant to contract. (1)\nAfter the expiration of any tax exemption granted a redevelopment\nproject pursuant to section one hundred twenty-five of the private\nhousing finance law, which exemption is not extended pursuant to such\nlaw, that part of the value of the property which was exempt from\ncertain taxation for local purposes by reason of such grant, shall\nthereafter be exempt from taxation for local purposes, other than\nassessments for local improvement, commencing upon the expiration of the\ntax exemption granted pursuant to such section as follows: during the\nfirst year after such expiration, the taxes which shall be payable shall\nbe the taxes which were payable during the last year of the grant of\nexemption plus one tenth of the difference between the taxes which were\npayable during such prior year and the taxes which would otherwise be\npayable during such first year absent this section; during the second\nyear after such expiration, the taxes which shall be payable shall be\nthe taxes which were payable during the first year after such expiration\nplus one-ninth of the difference between the taxes which were payable\nduring such first year and the taxes which would otherwise be payable\nduring such second year absent this section; during the third year after\nsuch expiration, the taxes which shall be payable shall be the taxes\nwhich were payable during the second year after such expiration plus\none-eighth of the difference between the taxes which were payable during\nsuch second year and the taxes which would otherwise be payable during\nsuch third year absent this section; during the fourth year after such\nexpiration, the taxes which shall be payable shall be the taxes which\nwere payable during the third year after such expiration plus\none-seventh of the difference between the taxes which were payable\nduring such third year and the taxes which would otherwise be payable\nduring such fourth year absent this section; during the fifth year after\nsuch expiration, the taxes which shall be payable shall be the taxes\nwhich were payable during the fourth year after such expiration plus\none-sixth of the difference between the taxes which were payable during\nsuch fourth year and the taxes which would otherwise be payable during\nsuch fifth year absent this section; during the sixth year after such\nexpiration, the taxes which shall be payable shall be the taxes which\nwere payable during the fifth year after such expiration plus one-fifth\nof the difference between the taxes which were payable during such fifth\nyear and the taxes which would otherwise be payable during such sixth\nyear absent this section; during the seventh year after such expiration,\nthe taxes which shall be payable shall be the taxes which were payable\nduring the sixth year after such expiration plus one-fourth of the\ndifference between the taxes which were payable during such sixth year\nand the taxes which would otherwise be payable during such seventh year\nabsent this section; during the eighth year after such expiration, the\ntaxes which shall be payable shall be the taxes which were payable\nduring the seventh year after such expiration plus one-third of the\ndifference between the taxes which were payable during such seventh year\nand the taxes which would otherwise be payable during such eighth year\nabsent this section; during the ninth year after such expiration, the\ntaxes which shall be payable shall be the taxes which were payable\nduring the eighth year after such expiration plus one-half of the\ndifference between the taxes which were payable during such eighth year\nand the taxes which would otherwise be payable during such ninth year\nabsent this section; during the tenth year after such expiration, the\ntaxes which shall be payable shall be the taxes otherwise payable. (2)\nAny provision of law to the
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