[Adopted 12-18-2007 by L.L. No. 24-2007[1]]
[1]
Editor's Note: This local law stated that
it shall apply to assessment rolls prepared on the basis of taxable
status dates occurring on or after January 1, 2008.
The Town of Southold hereby grants an exemption
from taxation and special ad valorem levies as authorized under § 444-a
of the New York Real Property Tax Law and as provided herein:
A.
Property located within the Town of Southold designated as "historic" pursuant to Chapter 170 of the Town Code of the Town of Southold shall be exempt from taxation and special ad valorem levies imposed by or on behalf of the Town of Southold, to the extent of any increase in value attributable to alteration or rehabilitation pursuant to the following schedule:
|
Year of Exemption
|
Extent of Exemption
| |
|---|---|---|
|
1
|
100%
| |
|
2
|
100%
| |
|
3
|
100%
| |
|
4
|
100%
| |
|
5
|
100%
| |
|
6
|
80%
| |
|
7
|
60%
| |
|
8
|
40%
| |
|
9
|
20%
| |
|
10
|
0%
|
B.
No such exemption shall be granted unless:
(1)
Such property has been designated as "historic" pursuant to Chapter 170 of the Town Code of the Town of Southold;
(2)
Alterations or rehabilitation must be made for means
of historic preservation;
(3)
Such alterations or rehabilitation of historic property meet the guidelines and review standards of Chapter 170 of the Town Code of the Town of Southold;
(4)
Such alterations or rehabilitation of historic property
are approved by the Town of Southold Historic Preservation Commission;
(5)
Alterations or rehabilitation are commenced subsequent
to the effective date of this article.
C.
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 of Real Property Services. The application shall
be filed with the Town of Southold Assessors on or before the appropriate
taxable status date of Suffolk County.
D.
Such exemption shall be granted where the Town of Southold Assessors are 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 as herein provided commencing with the assessment roll prepared on the basis of the taxable status date referred to in Subsection A of this section. 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 the exemption shown in a separate column.
