[Adopted 2-25-2025 by L.L. No. 1-2025]
A. 
Landmarks or properties located within an Historic District, as designated pursuant to Chapter 65 of the Village Code defined hereafter, shall be exempt from taxation and special ad valorem levies to the extent of any increase in value attributable to such alteration or rehabilitation pursuant to 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%
A. 
No such exemption shall be granted for such alterations or rehabilitation unless all of the following criteria are met:
(1) 
Such property must be designated as a landmark pursuant to Chapter 65 of the Village Code of the Village of Southampton or be property that is located in, and contributes to the character of, a designated historic district, created pursuant to Chapter 65 of the Village Code of the Village of Southampton.
(2) 
Alteration or rehabilitation of exteriors must meet guidelines and review standards established in Chapter 65 of the Village Code of the Village of Southampton.
(3) 
Alteration and rehabilitation of exteriors are approved by the Village's Board of Architectural Review and Historic Preservation (BARHP) prior to commencement of work.
(4) 
Alterations or rehabilitation must be for the purpose of historic preservation. Without otherwise limiting the judgment of the Assessor, for purposes of qualifying for an exemption pursuant to this article, alterations and rehabilitation may be considered "for the purpose of historic preservation" if they otherwise qualify herein and are directly attributable to work that enhances the structural stability or structural integrity of the property.
(5) 
Alterations or rehabilitation must be commenced subsequent to the effective date of this article.
B. 
This exemption shall be granted only by application of the owner or owners of such historic real property on a form prescribed by the Office of Real Property Services. The application shall be filed with the Village Assessor on or before the appropriate taxable status date of the Village.
C. 
Such exemptions shall be granted where the Assessor is satisfied that the applicant is entitled to an exemption pursuant to this section. The Assessor shall approve such application, and such property shall thereafter be exempt from taxation and special ad valorem levies to the extent of any increase in value attributable to such alteration or rehabilitation and as provided in the schedule established in § 99-43 of this article commencing with the assessment roll prepared on the basis of the taxable status date referred to in § 99-44B of this article. 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.