[Adopted 7-6-2006 by L.L. No. 3-2006]
Historic property, which for the purposes of this article shall mean any real property that has been designated as a landmark, or is a property that contributes to the character of an historic district located within the City of Troy, that is altered or rehabilitated shall be exempt from taxation levied by the City of Troy on the increase in assessed value attributable to such alteration or rehabilitation to the extent provided hereinafter, pursuant to § 444-a of the New York State Real Property Tax Law. The length of said exemption shall be 10 years. Such exemption shall be computed in accordance with the following table:
Year of Exemption
Percentage Exempt from Tax
1
100%
2
100%
3
100%
4
100%
5
100%
6
80%
7
60%
8
40%
9
20%
10
0%
No exemption pursuant to this article shall be granted for alteration or rehabilitation unless:
A. 
Such alterations or rehabilitation was commenced subsequent to the effective date of this article.
B. 
Such property has been designated as a landmark, or is a property that contributes to the character of an historic district within the City of Troy that was created pursuant to § 96-a or § 119-dd of the New York State General Municipal Law.
C. 
Such alterations or rehabilitation is made for means of historic preservation.
D. 
The alteration or rehabilitation is not ordinary maintenance or repairs.
E. 
Such alterations or rehabilitation of historic property meets guidelines and review standards in the City Code regarding historic preservation.
F. 
Such alterations or rehabilitation of historic property is approved by the Troy Historic Preservation Commission or Review Board.
Any exemption pursuant to this article shall be granted only upon application by the owner thereof on the form prescribed by the state board. The application shall be filed with the Assessor of the City of Troy on or before the taxable status date of March 1 to be eligible for an exemption to be entered on the assessment roll prepared on the basis of said taxable status date. Improvements to historic property must be completed to qualify for the exemption pursuant to this article.