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.