§ 485-e. Empire zone exemption. 1. (a) Real property constructed,\naltered, installed or improved in an area designated an empire zone\npursuant to article eighteen-B of the general municipal law shall be\nexempt from taxation and special ad valorem levies by any municipal\ncorporation in which located, for the period and to the extent herein\nprovided, provided that the governing board of such municipal\ncorporation, after public hearing, adopts a local law, ordinance or\nresolution providing therefor.\n (b) For exemptions commencing in the first seven years from the date\non which the empire zone was designated, the amount of such exemption in\nany of these years shall be one hundred percent of the "base amount",\ndetermined pursuant to subdivision two of this section. In the eighth,\nninth and tenth years, the amount of the exemption shall be seventy-five\npercent, fifty percent, and twenty-five percent, respectively, of such\nbase amount.\n (c) For exemptions commencing in the eighth, ninth and tenth years\nfrom the date on which the empire zone was designated, the amount of\nsuch exemption shall be seventy-five percent, fifty percent and\ntwenty-five percent, respectively, of the "base amount", determined\npursuant to subdivision two of this section.\n 1-a. (a) A municipal corporation may provide in such local law,\nordinance or resolution, or in a separate local law, ordinance or\nresolution adopted after public hearing, that the exemption so\nauthorized shall be for a term of ten years, notwithstanding that the\ndesignation of the zone may expire prior to the end of such ten year\nterm. Any such local law, ordinance or resolution shall be applicable\nonly to exemptions commencing on assessment rolls with taxable status\ndates on or after the effective date of such local law, ordinance or\nresolution.\n (b) Where such local law, ordinance or resolution has been adopted,\nthe amount of such exemption in the first seven years of its term shall\nbe one hundred percent of the "base amount," determined pursuant to\nsubdivision two of this section. The amount of the exemption in the\neighth, ninth, and tenth years of its term shall be seventy-five\npercent, fifty percent and twenty-five percent, respectively, of such\nbase amount.\n 2. (a) The base amount of the exemption shall be the extent of the\nincrease in assessed value attributable to such construction,\nalteration, installation or improvement as determined in the initial\nyear for which application for exemption is made pursuant to this\nsection. The base amount shall remain constant for the authorized term\nof the exemption, subject to the following:\n (i) If there is subsequent construction, alteration, installation or\nimprovement during the term of the exemption, the base amount shall be\nrevised to include the increase in assessed value attributable to such\nconstruction, alteration, installation or improvement.\n (ii) If a change in level of assessment of fifteen percent or more is\ncertified for an assessment roll pursuant to the rules of the\ncommissioner, the base amount shall be adjusted by such change in level\nof assessment. The exemption on that assessment roll shall thereupon be\nrecomputed, notwithstanding the fact that the assessor receives the\ncertification after the completion, verification and filing of the final\nassessment roll. In the event the assessor does not have custody of the\nroll when such certification is received, the assessor shall certify the\nrecomputed exemption to the local officers having custody and control of\nthe roll, and such local officers are hereby directed and authorized to\nenter the recomputed exemption certified by the assessor on the roll.\n (b) No such exemption shall be granted unless, pursuant to article\neighteen-B of the general municipal law:\n (1) notice of the designation of the empire zone has been filed with\nthe clerk of the assessing unit by the commissioner on or before the\napplicable taxable st
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