Real property listed on the National and Local Historic Register within the City of Kingston which is altered or rehabilitated subsequent to the effective date of this article shall be exempt from City real property and special ad valorem levies, subject to and in accordance with the schedule set forth in Subsection A and conditions outlined in Subsection B and §
360-37.
A. Historic property which shall be defined hereafter
shall be exempt from taxation 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%
|
B. No such exemption shall be granted for such alterations
or rehabilitation unless all of the following criteria are met:
(1) Such property must be historic, which shall mean that
the property has been designated as a landmark or is a property that
is located in and contributes to the character of a designated historic
district, created by a local law which was passed pursuant to § 96-a
or § 119-dd of the General Municipal Law.
(2) Alteration or rehabilitation of exteriors of historic
property must meet guidelines and review standards established in
the local preservation law.
(3) Alterations and rehabilitation of exteriors are approved
by the City's Historic Landmarks Preservation Commission prior to
commencement of work.
(4) Alteration or rehabilitation must be for the purpose
of historic preservation. For purposes of qualifying for a real property
tax exemption pursuant to this local law, alterations and rehabilitation
shall be deemed to be for the purpose of historic preservation if
it involves only exterior 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.
This exemption shall be granted only by application of the owner or owners of such historic real property on a form prescribed by the State Equalization and Assessment Board. The application shall be filed with the City Assessor on or before the appropriate taxable status date covering City real property. 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 for City real property taxation as provided in the schedule established in §
360-36A of this article commencing with the assessment roll prepared on the basis of the taxable status date referred to in this section 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 exemptions shown in a separate column.
This article shall expire within five years
from its date of effectiveness unless extended by further local law
of the Common Council of the City of Kingston.
This article shall take effect immediately and
shall apply to assessment rolls completed on or after such effective
date.