§ 485-b. Business investment exemption. 1. Real property constructed,\naltered, installed or improved subsequent to the first day of July,\nnineteen hundred seventy-six for the purpose of commercial, business or\nindustrial activity shall be exempt from taxation and special ad valorem\nlevies, except for special ad valorem levies for fire district, fire\nprotection district and fire alarm district purposes, to the extent\nhereinafter provided.\n 2. (a) (i) Such real property shall be exempt for a period of one year\nto the extent of fifty per centum of the increase in assessed value\nthereof attributable to such construction, alteration, installation or\nimprovement and for an additional period of nine years provided,\nhowever, that the extent of such exemption shall be decreased by five\nper centum each year during such additional period of nine years and\nsuch exemption shall be computed with respect to the "exemption base."\nThe exemption base shall be the increase in assessed value as determined\nin the initial year of such ten year period following the filing of an\noriginal application, except as provided in subparagraph (ii) of this\nparagraph.\n (ii) In any year in which a change in level of assessment of fifteen\npercent or more is certified for a final assessment roll pursuant to the\nrules of the commissioner, the exemption base shall be multiplied by a\nfraction, the numerator of which shall be the total assessed value of\nthe parcel on such final assessment roll (after accounting for any\nphysical or quantity changes to the parcel since the immediately\npreceding assessment roll), and the denominator of which shall be the\ntotal assessed value of the parcel on the immediately preceding final\nassessment roll. The result shall be the new exemption base. The\nexemption shall thereupon be recomputed to take into account the new\nexemption base, notwithstanding the fact that the assessor receives the\ncertification of the change in level of assessment after the completion,\nverification and filing of the final assessment roll. In the event the\nassessor does not have custody of the roll when such certification is\nreceived, the assessor shall certify the recomputed exemption to the\nlocal officers having custody and control of the roll, and such local\nofficers are hereby directed and authorized to enter the recomputed\nexemption certified by the assessor on the roll. The assessor shall give\nwritten notice of such recomputed exemption to the property owner, who\nmay, if he or she believes that the exemption was recomputed\nincorrectly, apply for a correction in the manner provided by title\nthree of article five of this chapter for the correction of clerical\nerrors.\n (iii) The following table shall illustrate the computation of the tax\nexemption:\n Year of exemption Percentage of exemption\n 1 50\n 2 45\n 3 40\n 4 35\n 5 30\n 6 25\n 7 20\n 8 15\n 9 10\n 10 5\n (b) No such exemption shall be granted unless\n (1) such construction, alteration, installation or improvement was\ncommenced subsequent to the first day of January, nineteen hundred\nseventy-six or such later date as may be specified by local law or\nresolution;\n (2) the cost of such construction, alteration, installation or\nimprovement exceeds the sum of ten thousand dollars or such greater\namount as may be specified by local law or resolution; and\n (3) such construction, alteration, installation or improvemen
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