[Adopted 5-16-2011 by L.L. No. 4-2011]
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 Village of Saugerties is granted for a local, state, or federally designated historic property that is altered or rehabilitated in accordance with § 210-20 of the Village of Saugerties Zoning Code 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
Section 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%
|
