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.