Real property altered or rehabilitated after
the effective date of this article shall be exempt from taxation and
special ad valorem levies as herein provided.
Such exemption shall be granted only by application
of the owner or owners of such historic real property on a form prescribed
by the state board. The application shall be filed with the Assessor
of the City of Batavia on or before the appropriate taxable status
date of such city.
Such exemption 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 as herein provided commencing with the assessment roll prepared on the basis of the taxable status date referred to in §
166-29. 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 exemption shown in a separate column.