Landmark property shall be exempt from taxation to
the extent of any increase in value attributable to such alteration
or rehabilitation pursuant to the following schedule:
Such property has been designated as a landmark, or
is property that contributes to the character of an historic district,
pursuant to the provisions of this chapter; and
Such alterations or rehabilitation of historic property
are approved by the Village's Landmarks Preservation Commission prior
to the commencement of work; and
Such exemption shall be granted only by application
of the owner or owners of such historic real property on a form prescribed
by the State Board. The application shall be filed with the Village
Assessor on or before the appropriate tax status date for the Village
of Freeport.
Such exemption shall be granted where the Village
Assessor is satisfied that the applicant is entitled to an exemption
pursuant to this section. The Village Assessor shall approve such
application, and such property shall thereafter be exempt from taxation
and special ad valorem levies as herein provided commencing with the
assessment roll prepared on the basis of the Village of Freeport's
taxable status date. The assessed value of any exemption granted pursuant
to this section shall be entered by the Assessor on the assessment
roll with the taxable property, with the amount of the exemption shown
in a separate column.