PYRAMID CO. v. TIBBETS


76 N.Y.2d 148 (1990)

In the Matter of Pyramid Company of Watertown, Respondent, v. Roger E. Tibbets, as Sole Assessor of the Town of Watertown, et al., Appellants.

Court of Appeals of the State of New York.

Decided June 5, 1990.


Attorney(s) appearing for the Case

Dennis G. O'Hara and Craig M. Atlas for appellants.

Sidney Devorsetz, Rosemary Stack and Albert M. Ferlo, Jr., for respondent.

Norman H. Gross for the New York State School Boards Association, Inc., amicus curiae.

Chief Judge WACHTLER and Judges KAYE, ALEXANDER, TITONE, HANCOCK, JR., and BELLACOSA concur.


SIMONS, J.

Section 485-b (1) of the Real Property Tax Law grants exemption to real property "constructed, altered, installed or improved * * * for the purpose of commercial, business or industrial activity". The statute authorizes a partial exemption for 10 years. In the first year the exemption equals 50% of the increased assessed value attributable to the improvements and it is reduced 5% per year thereafter...

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