Real property within the City of Ithaca 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 §
300-22B and conditions outlined in §
300-22B and C.
A. 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:
|
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%
|
B. No such exemption shall be granted for such alterations
or rehabilitation unless all of the following criteria are met:
(1) 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.
(2) Alteration or rehabilitation of exteriors and public interiors (to the extent that public interiors are regulated by Ch.
228, Landmarks Preservation) of historic property must meet guidelines and review standards established in Chapter
228, Landmarks Preservation.
(3) 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.
(4) 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:
(a)
Only exterior work is involved;
(b)
Interior work involves the portion of the building that has been designated as a public interior under Chapter
228, Landmarks Preservation, to the extent that public interiors are regulated under the Chapter
228, Landmarks Preservation.
(c)
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
Ithaca and any increase in value resulting from such conversion, shall
not qualify for the exemption; or
(d)
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; and
(5) Alterations or rehabilitation must be commenced subsequent
to the effective date of this article.
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 County Assessor, who is the assessor for the City
of Ithaca, 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 article. 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 §
300-22A of this article, commencing with the assessment roll prepared on the basis of the taxable status date referred to in §
300-23 of this article. 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, with the amount of the exemptions shown in a separate column.
This article shall take effect immediately and
shall apply to assessment rolls completed on or after such effective
date.