It is the intent of this article to provide
an exemption for qualifying historic real property as set forth in
Real Property Tax Law § 444-a. Real property altered or
rehabilitated subsequent to the effective date of this article shall
be exempt from taxation as herein provided.
Such exemption shall be granted only by 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 Village of Albion having power to assess property for taxation
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 from county real property taxes as herein provided commencing with the assessment roll prepared on the basis of the taxable status date referred to in §
82-22 of this article. The assessed value of any exemption granted pursuant to this article shall be entered by the Assessor on the assessment roll with the taxable property, with the amount of exemption shown in a separate column.