The City Council of the City of Newburgh finds that the rehabilitation
and renovation work on historic properties located in historic districts
tends to be more expensive than similar work on other properties because
of the nature of the work and the cost of materials that may be required.
The purpose and intent of this article is to provide a property tax
incentive to encourage investment in and the rehabilitation of historic
properties, and to preserve the historic character of real property
located within the City of Newburgh.
This exemption shall be granted only by application of the owner
or owners of such historic real property on a form prescribed by the
New York State Board of Equalization and Assessment. The application
shall be filed with the City Assessor on or before the City's appropriate
taxable status date.
This exemption shall be granted where the City's 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 and special ad valorem
levies as herein provided commencing with the assessment roll prepared
on the basis for the taxable status date referred to above. 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.
This article shall take effect immediately and shall apply to
assessment rolls completed on or after such effective date.