[Adopted 12-1-1997 by L.L. No. 8-1997]
Editor's Note: This local law provided that it shall apply to assessment rolls prepared on the basis of taxable status dates occurring on and after 1-1-1998.
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.
Historic property shall be exempt from taxation to the extent of any increase in value attributable to the alteration, rehabilitation or renovation of such property pursuant to the following schedule:
No such exemption shall be granted for such alterations or rehabilitation unless:
Such property has been designated as a landmark, or is a property that contributes to the character of an historic district, created by a local law passed pursuant to § 96-a or 119-dd of the General Municipal Law.
Alterations or rehabilitation must be made for means of historic preservation.
Such alterations or rehabilitation of historic property meet guidelines and review standards in the local preservation law.
Such alterations or rehabilitation of historic property are approved by the local preservation commission prior to commencement of work.
Alterations or rehabilitation are commenced subsequent to the effective date of the local law or resolution adopted pursuant to this section.
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.