§ 775-27. Applicability of exemptions; computation.

A. 

Real property constructed, altered, installed or improved subsequent to the effective date of this article for the purpose of commercial, business or industrial activity and which is contained within the geographic areas and/or groups and major divisions described in the attachments annexed hereto and made a part hereof shall be eligible for an exemption from taxation and special ad valorem levies from each town, village, school district located within the area within which said exemption shall apply unless such town or village, by local law, or such school district, by resolution, shall determine that such exemptions shall not be applicable to its tax and ad valorem levies.

B. 

The exemptions described in Subsection A above shall only apply to those projects where the cost of such construction, alteration, installation or improvement exceeds the sum of $50,000. The amount of the exemption shall be calculated by taking the increase in the assessed value of such real property attributable to such construction, alteration, installation or improvement and reducing that increase in the assessed value of such real property, on a declining percentage basis, pursuant to the schedule set forth in Subsection C below.

C. 

The exemptions described in Subsection A shall be computed pursuant to the following accelerated strategic exemption schedule:

	Year of Exemption	Percentage of Exemption
	1	50%
	2	50%
	3	50%
	4	40%
	5	30%
	6	20%
	7	10%
	8	10%
	9	10%
	10	5%