In accordance with the authorization of subdivision 1 of § 444-a
of the Real Property Tax Law, an exemption from real property taxation
by the Town of Saugerties is granted for historic property that is
altered or rehabilitated subsequent to the date of this article, as
described in § 444-a of the Real Property Tax Law.
In accordance with the authorization of subdivision 2(a) of
§ 444-a of the Real Property Tax Law, historic property
shall be exempt from taxation to the extent of any increase in value
attributable to such alteration or rehabilitation in accordance with
the following schedule:
Year of Exemption
|
Percentage of Exemption
|
---|
1
|
100%
|
2
|
100%
|
3
|
100%
|
4
|
100%
|
5
|
100%
|
6
|
80%
|
7
|
60%
|
8
|
40%
|
9
|
20%
|
10
|
0%
|