[Adopted 9-12-2005 by L.L. No. 2-2005]
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%
A. 
No such exemption shall be granted for such alterations or rehabilitation unless all of the following requirements have been met:
(1) 
Such property must be "historic," which shall mean that the property has been designated as a landmark or is a property that is located in and contributes to the character of the Town of Aurora as designated by the Town Board; and
(2) 
Alteration or rehabilitation of exteriors and public interiors (to the extent that public interiors are regulated by the local preservation law) of historic local property must meet guidelines and review standards established by the Town Code of the Town of Aurora; and
(3) 
Alterations and rehabilitation of exteriors and public interiors (to the extent that public interiors are regulated by the local preservation law) of historic local property are approved pursuant to the Code of the Town of Aurora prior to commencement of work; and
(4) 
Alteration or rehabilitation must be for the purpose of historic preservation if:
(a) 
Only exterior work is involved; or
(b) 
Interior work involves the portion of the building that is used by the public; or
(c) 
The project returns to use a building which has not been used for a permissible purpose under applicable zoning law for a continuous period of at least two years; and
(5) 
Alterations or rehabilitation must have been commenced subsequent to the effective date of this article.
B. 
This exemption shall be granted where the Assessor is satisfied that the applicant is entitled to an exemption pursuant to this section. The Assessor shall approve such application, and such property shall thereafter be exempt from taxation and special ad valorem levies for Town real property taxation as provided in the schedule established in this article, commencing with the assessment role prepared based on the taxable status date referred to in this article. The Assessor shall enter the assessed valuation of any exemption granted pursuant to this section on the assessment roll with the taxable property, with the amount of the exemptions shown in a separate column.