Legal Opinion
Pyramid Co. v. Tibbets
New York Court of Appeals
Decided June 5, 1990PublishedCited by 6 opinions
1Opinion of the Court
OPINION OF THE COURT
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 until the property becomes fully taxable (Real Property Tax Law § 485-b [2] [a]). The purpose of the statute is to encourage the construction and expansion of…
2Cases cited4 opinions
- City of Lackawanna v. State Board of Equalization & AssessmentNew York Court of Appeals · 1965
- Newsday, Inc. v. Town of HuntingtonNew York Court of Appeals · 1982
- Newsday, Inc. v. Town of HuntingtonAppellate Division of the Supreme Court of the State of New York · 1981
- Baker v. Cole-Layer-Trumble Co.Appellate Division of the Supreme Court of the State of New York · 1973
3Cited by6 opinions
- Long Island Lighting Co. v. Board of AssessorsNew York Court of Appeals · 1993
- Regeneron Pharmaceuticals, Inc. v. McCarthyAppellate Division of the Supreme Court of the State of New York · 2010
- POP Displays USA, LLC v. City of YonkersAppellate Division of the Supreme Court of the State of New York · 2010
- American Cyanamid Co. v. Board of AssessorsAppellate Division of the Supreme Court of the State of New York · 1995
- Matter of Finger Lakes Ry. Corp. v. City of CanandaiguaAppellate Division of the Supreme Court of the State of New York · 2021
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