[Adopted 2-15-2000 by L.L. No. 2-2000]
The City Council of the City of Saratoga Springs hereby finds
it is necessary and proper to provide a real property tax incentive
to encourage investment in the rehabilitation of historic properties.
The historic investment exemption established in this article
shall be available for those structures on properties within either
of the following geographic districts:
A.
All structures on properties that have been designated as a contributing
or noncontributing structure within the State or National Register
of Historic Places and which are located in the City of Saratoga Springs.
No historic investment exemption established in this article
shall be granted for the alteration or rehabilitation of an existing
structure, or for an addition thereto, unless each of the following
criteria are met:
A.
Eligibility for the historic investment exemption is limited to improvements
that involve the alteration or rehabilitation of an existing structure,
or an addition thereto, that increase the assessed valuation of the
improvements on the property as determined by the Assessment Office
of the City of Saratoga Springs. New construction on a vacant lot
is not an eligible investment.
B.
All eligible improvements on the property must have commenced construction
subsequent to the filing of this article with the Secretary of State
of the State of New York.
C.
All eligible improvements on the property in either of the geographic areas identified in § 212-75 must have the approval of the City of Saratoga Springs Design Review Commission pursuant to the review criteria established in Article VII of the Zoning Ordinance of the City of Saratoga Springs, prior to the commencement of any construction.
D.
All eligible improvements must have appropriate construction permits
and certificate of completion or occupancy issued by the Building
Department of the City of Saratoga Springs.
E.
Real property tax payments on the property must be current.
A.
Eligible property shall be exempt from taxation to the extent of
any increase in assessed value attributable to the alteration, rehabilitation
or addition pursuant to the following exemption schedule:
|
Year of Exemption
|
Percentage of Exemption
| |
|---|---|---|
|
1 through 5
|
100%
| |
|
6
|
80%
| |
|
7
|
60%
| |
|
8
|
40%
| |
|
9
|
20%
| |
|
10
|
0%
|
B.
The historic investment exemptions as set forth in the article are
only applicable to the general tax rate of the City of Saratoga Springs
and any of its ad valorem tax rates. The exemptions are not applicable
to the property taxes collected for the Saratoga Springs City School
District or the County of Saratoga, unless those entities enact legislation
granting similar exemptions.
Notwithstanding any other provision under this article, an approved
project shall begin to receive the appropriate exemption pursuant
to this article in the first year that the improved project or parcel
is fully assessed on the City assessment roll.
The historic investment exemption shall be granted only by application
of the owner or owners of eligible properties on a form prescribed
by the New York State Board of Real Property Services. The application
shall be filed with the Assessor of the City of Saratoga Springs on
or before the appropriate taxable status date (June 1) of the City
of Saratoga Springs.
The historic investment 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 and special
ad valorem levies as hereby provided commencing with the assessment
roll prepared on the basis of the taxable status date referred to
above. The assessed value of any exemptions 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.
The historic investment exemption shall not be eligible to a
property that is the subject of or the recipient of benefits, payments,
credits, exemptions or other valuable allowances or consideration
under any other incentive programs or improvement program which has
been established or may be established from time to time by the federal
government of the United States of America, the state government of
New York, the county government of the County of Saratoga, the City
government of the City of Saratoga Springs and any and all other governmental
agencies and private or public foundations which provide a reduction
or abatement of City of Saratoga Springs real property taxes.
This article shall take effect immediately upon filing with
the Secretary of State in accordance with Municipal Home Rule Law § 27.
