The purpose and intent of this article is to provide a property
tax incentive to encourage investment in and rehabilitation of historic
properties and a phase-in of the increase of the assessed valuation
attributable to the rehabilitation.
Such exemption shall be granted only by application of the owner(s)
of such historic real property on a form prescribed by the State Board
of Equalization and Assessment. The application shall be filed with
the Assessor of the village in which the property is situated on or
before the appropriate taxable status date of such village.
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 to the extent of any increase in value attributable to the alteration or rehabilitation of such property commencing with the assessment roll prepared on the basis of taxable status date referred to above in accordance with the phased-in percentage set forth in §
207-21.