Historic property, as defined herein, within
the Town Aurora altered or rehabilitated subsequent to the effective
date of this article shall be exempt from Town real property and special
ad valorem levies, subject to and in accordance with the schedule
set forth herein, provided that such property meets the requirements
as set forth in herein.
Historic property, as defined herein, shall
be exempt from taxation to the extent of any increase in assessed
value attributable to such alteration or rehabilitation pursuant to
the following schedule:
Year of Exemption
|
Percentage of Exemption
|
---|
1
|
100%
|
2
|
100%
|
3
|
100%
|
4
|
100%
|
5
|
100%
|
6
|
80%
|
7
|
60%
|
8
|
40%
|
9
|
20%
|
10
|
0%
|