This real property tax exemption for historic properties
is being enacted in order to achieve the following goals: to increase
incentives for property owners in historic districts to invest in
the upkeep and rehabilitation of properties; to provide an incentive
for the restoration and rehabilitation of commercial structures which
qualify as landmarks in order to provide financial advantages, not
available elsewhere in the county at this time, which may help to
attract and retain businesses in the City of Beacon; to assist homeowners
who are interested in restoring their own properties, but who may
not be able to afford to do so when faced with potential increases
in taxation as the result of alterations which would qualify for this
exemption; to provide financial incentives for investment in low-income
residential neighborhoods which may contain landmarked buildings or
districts designated within the area; and to provide a concrete benefit
to offset the possible financial disadvantage of owning historically
or architecturally significant properties which are subject to the
regulations of the City's Local Landmarks Ordinance.[1]
The City of Beacon real property tax exemption is
intended to apply to alterations or rehabilitation of historic property
as authorized pursuant to §§ 96-a and 119-aa through
119-dd of the General Municipal Law and § 444-a of the Real
Property Tax Law and all other powers granted to the City of Beacon
to provide such exemptions.
This article is intended to create a real property
tax exemption that preserves or increases the historic character of
real property located within the City of Beacon.
Real property within the City of Beacon 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 § 199-10B(1) and conditions outlined in § 199-10B(1) and C.
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.
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.
Alteration or rehabilitation of exteriors and
public interiors (to the extent that public interiors are regulated
by the local preservation law) of historic property must meet guidelines
and review standards established in the local preservation law.
Alterations and rehabilitation of exteriors
and public interiors (to the extent that public interiors are regulated
by the local preservation law) of historic property are approved by
the City's Landmarks Preservation Commission prior to commencement
of work.
Alteration or rehabilitation must be for the
purpose of historic preservation. For purposes of qualifying for a
real property tax exemption pursuant to this article, alterations
and rehabilitation shall be deemed to be for the purpose of historic
preservation if:
Interior work involves the portion of the building
that has been designated as a public interior under the local preservation
law, once public interiors are regulated under the local preservation
law;
At least 20% of the total cost of the project
is directly attributable to exterior work and/or work that enhances
the structural stability or structural integrity of the property;
provided, however, that such portion of interior work done for the
purpose of converting property from a one- or two-family dwelling
to a multiple dwelling as defined in the City Code of the City of
Beacon, and any increase in value resulting from such conversion,
shall not qualify for the exemption; or
The project returns to use a building which
has not been used for a permissible purpose under applicable zoning
ordinances for a continuous period of at least two years.
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 § 199-10B(1) of this article commencing with the assessment roll prepared on the basis of the taxable status date referred to in § 199-10C 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.