Landmarks or properties located within an historic district shall be exempt from taxation and special ad valorem levies 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%
No such exemption shall be granted for such alterations or rehabilitation unless all of the following criteria are met:
A. 
Such property must be designated a landmark under state or federal guidelines.[1]
[1]
Editor's Note: Amended at time of adoption of Code (see Ch. 1, General Provisions, Art. I).
B. 
Alteration or rehabilitation of exteriors must meet the guidelines published by the United States Secretary of the Interior.[2]
[2]
Editor's Note: Amended at time of adoption of Code (see Ch. 1, General Provisions, Art. I).
C. 
Alteration and rehabilitation of exteriors are approved by the Village Architectural and Historic Review Board prior to commencement of work.[3]
[3]
Editor's Note: Amended at time of adoption of Code (see Ch. 1, General Provisions, Art. I).
D. 
Alterations or rehabilitation must be for the purpose of historic preservation. For purposes of qualifying for an exemption pursuant to this article, alterations and rehabilitation shall be deemed to be for the purpose of historic preservation if:
(1) 
Only exterior work is involved and 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; or
(2) 
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.
E. 
Alterations or rehabilitation must be commenced subsequent to the effective date of this article.
F. 
This exemption shall be granted only by application of the owner or owners of such historic real property on a form prescribed by the Office of Real Property Services. The application shall be filed with the Board of Trustees on or before the appropriate taxable status date.
G. 
Such exemptions shall be granted where the Board of Trustees 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 to the extent of any increase in value attributable to such alteration or rehabilitation and as provided in the schedule established in § 197-28 of this article commencing with the assessment roll prepared on the basis of the taxable status date referred to in Subsection F of this section. The assessed value of any exemption granted pursuant to this article shall be entered by the Assessor on the assessment roll with the taxable property, the same amount of the exemptions shown in a separate column.