The Common Council finds that alteration, rehabilitation
and renovation work on historic properties and in historic districts
tends to be more expensive than similar work on other properties due
to the nature of the work and because more costly materials may be
required. The purpose and intent of this article is to provide a property
tax incentive to encourage investment in and rehabilitation of historic
properties.
Such exemption shall be granted only by application
of the owner or owners of such historic real property on a form prescribed
by the New York State Board of Equalization and Assessment. The application
shall be filed with the Department of Assessment and Taxation on or
before the City's appropriate taxable status date.
Such exemption shall be granted where the Commissioner
of Taxation and Assessment is satisfied that the applicant is entitled
to an exemption pursuant to this section. The Commissioner shall approve
such application and such property shall thereafter be exempt from
taxation and special ad valorem levies as herein provided commencing
with the assessment roll prepared on the basis of the taxable status
date referred to above. The assessed value of any exemption granted
pursuant to this section shall be entered by the Commissioner on the
assessment roll with the taxable property, with the amount of the
exemption shown in a separate column.