[HISTORY: Adopted by the City Council of the City of Corning 7-7-2008 by L.L. No. 3-2008. Amendments noted where applicable.]
GENERAL REFERENCES
Historic preservation — See Ch. 119.
Zoning — See Ch. 240.
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.
C. 
The real property tax exemption provided for in this chapter shall be applicable to only those historic landmarks as designated by Chapter 119.
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.