[Adopted 1-19-1999 by Ord. No. 99-1 (Ch. 22A, Art. II, §§ 22-A2 through 22-A4, of the 1970 Code)]
The Council of the City of Binghamton does hereby determine that it is in the best interest of the City of Binghamton to adopt New York State Real Property Tax Law § 444-a in its entirety.[1]
[1]
Editor's Note: A copy of Real Property Tax Law § 444-a is on file in the City offices. It exempts that portion of an historic property's tax assessment that is based on an increase in value attributable to alteration or rehabilitation pursuant to the following schedule:
Years 1 through 5 of exemption: 100%.
Year 6 of exemption: 80%.
Year 7 of exemption: 60%.
Year 8 of exemption: 40%.
Year 9 of exemption: 20%.
Year 10 of exemption: 0%.
The Council of the City of Binghamton hereby grants permission to the Mayor and Tax Assessor to assess taxes on historic landmarks in the above-mentioned manner.