[HISTORY: Adopted by the City Council of
the City of Corning 7-7-2008 by L.L. No. 3-2008. Amendments noted where
applicable.]
A.
The City Council finds that alteration, rehabilitation and renovation work on historic landmarks designated under the provisions of Chapter 119 of the City Code tend to be more expensive than similar work on other properties due to the nature of the work and because more costly materials may be required.
B.
The purpose and intent of this chapter is to provide
a property tax incentive to encourage investment in and rehabilitation
of such historic landmarks.
A.
Historic landmarks shall be exempt from real property
taxation to the extent of any increase in value attributable to the
alteration, restoration, or reconstruction of such property pursuant
to the following schedule:
|
Year of Exemption
|
Percent of Exemption
| |
|---|---|---|
|
1 through 5
|
100%
| |
|
6
|
80%
| |
|
7
|
60%
| |
|
8
|
40%
| |
|
9
|
20%
| |
|
10
|
0%
|
B.
No such exemption shall be granted unless;
(1)
Such property has been designated as an historic landmark,
created by a local law passed pursuant to § 96-a or 119-dd
of the General Municipal Law.
(2)
Alterations or rehabilitation must be made for means
of historic preservation.
(3)
Such alterations or rehabilitation of historic property
meet guidelines and review standards in the City's Historic Preservation
Law.
(4)
Such alterations or rehabilitation of historic property
are approved by the City's Historic Preservation Commission prior
to commencement of work.
(5)
Alterations or rehabilitation are commenced subsequent
to the effective date of this chapter.
Such exemption shall be granted only by application
of the owner or owners of such historic real property on a form prescribed
by the New York State Board of Equalization and Assessment. The application
shall be filed with the City's Assessor on or before the City's appropriate
taxable status date.
Such exemption shall be granted where the City's
Assessor is satisfied that the applicant is entitled to an exemption
pursuant to this chapter. The Assessor shall approve such application
and such property shall thereafter be exempt froth real property taxation
as herein provided commencing with the assessment roll prepared on
the basis of the taxable status date referred to above, but such property
shall be fully liable for any and all special and ad valorem levies.
The assessed value of any exemption granted pursuant to this chapter
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.
