[HISTORY: Adopted by the Board of Trustees of the Village of Penn
Yan 3-16-1999 by L.L. No. 3-1999. Amendments
noted where applicable.]
The purpose of this chapter is to allow the Village of Penn Yan to offer
a property tax incentive to encourage investment in historic properties within
the Village, particularly since historic district rehabilitation work tends
to be more expensive than in other areas due to the nature of the work and
because more costly materials may be involved.
A.
Real property altered or rehabilitated subsequent to
the effective date of this chapter shall be exempt to the extent of any increase
in value attributable to such alteration or rehabilitation pursuant to the
following schedule:
|
Year of Exemption
|
Percent 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 alteration
or rehabilitation unless:
(1)
Such property has been designated as a landmark or is
a property that contributes to the character of the historic district of the
Village.
(2)
Alterations or rehabilitation must be made for means
of historic preservation.
(4)
Such alterations or rehabilitation of historic property
is approved by the Preservation Commission of the Village prior to commencement
of work.
(5)
Alterations or rehabilitation are commenced subsequent
to the effective date of this chapter.
Application for exemption shall be made only by application of the owner
or owners of such historic property on a form prescribed by the State Board
of Real Property Services. The application shall be filed with the Assessor
of the Village having power to assess property for taxation on or before the
taxable status date of the Village.
Such exemption shall be granted where the Assessor is satisfied that the applicant is entitled to an exemption pursuant to § 444-a of the Real Property Tax Law of the State of New York, and such property shall thereafter be exempt from taxation and special ad valorem levies as provided by this chapter commencing with the assessment roll prepared on the basis of the taxable status date referred to in § 111-3 above. The assessed value of any exemption granted pursuant to § 444-a of the Real Property Tax Law of the State of New York 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.
Upon this chapter becoming effective, a copy shall be filed with the
State Board of Real Property Services and the Assessor for the Village of
Penn Yan.
