Provide an incentive for the restoration and rehabilitation
of commercial structures which qualify as landmarks in order to provide
financial advantages, not available elsewhere in the county at this
time, which may help to attract and retain businesses in the Village
of Cobleskill.
Assist homeowners who are interested in restoring
their own properties but may not be able to afford to do so when faced
with potential increases in taxation as a result of alterations which
would qualify for this exemption.
Provide financial incentives for investment in low-income
residential neighborhoods which may contain landmark buildings or
districts designated within the area.
Provide a concrete benefit to offset the possible
financial disadvantage of owning historically or architecturally significant
properties which are subject to the regulations of the Village of
Cobleskill's Historic Overlay District.
The Village of Cobleskill's historic properties tax
exemption is intended to apply to alterations or rehabilitations of
historic property as authorized pursuant to §§ 96-a
and 119-aa through 119-dd of the General Municipal Law and § 444-a
of the Real Property Tax Law and all other powers granted to the Village
of Cobleskill to provide such exemptions.
This article is intended to create a real property
tax exemption that preserves or increases the historic character of
real property located within the Village of Cobleskill.
Historic property shall be exempt from taxation to
the extent of any increase in value attributable to such alteration
or rehabilitation pursuant to the following schedule:
Such exemption shall be granted only upon application
of the owner or owners of such historic real property on a form prescribed
by the State Board. The application shall be filed with the Assessor
of the Town of Cobleskill on or before the appropriate taxable status
date of such town.
Such exemption shall be granted where the Assessor is satisfied that the applicant is entitled to an exemption pursuant to this article. The Assessor shall approve such application and such property shall thereafter be exempt from taxation as herein provided commencing with the assessment roll prepared on the basis of the taxable status date referred to in Subsection C of this section. The assessed value of any exemption granted pursuant to this section 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.