§ 444-A — Historic property

New York § 444-A

• Jurisdiction: New York
• Law RPT: Real Property Tax
• Title 2: Private Property
• Art. 4: Exemptions

Text

§ 444-a. Historic property. 1. Real property altered or rehabilitated\nsubsequent to the effective date of a local law or resolution adopted\npursuant to this section shall be exempt from taxation and special ad\nvalorem levies as herein provided. After a public hearing, the governing\nbody of a county, city, town or village may adopt a local law and a\nschool district, other than a school district governed by the provisions\nof article fifty-two of the education law, may adopt a resolution to\ngrant the exemption authorized pursuant to this section. A copy of such\nlaw or resolution shall be filed with the commissioner and the assessor\nof such county, city, town or village who prepares the assessment roll\non which the taxes of such county, city, town, village or school\ndistrict are levied.\n 2. (a) Historic property shall be exempt from taxation to the extent\nof any increase in value attributable to such alteration or\nrehabilitation pursuant to the following schedule:\n year of exemption percent of exemption\n 1 100\n 2 100\n 3 100\n 4 100\n 5 100\n 6 80\n 7 60\n 8 40\n 9 20\n 10 0\n (b) No such exemption shall be granted for such alterations or\nrehabilitation unless:\n (i) Such property has been designated as a landmark, or is a property\nthat contributes to the character of an historic district, created by a\nlocal law passed pursuant to section ninety-six-a or one hundred\nnineteen-dd of the general municipal law;\n (ii) Alterations or rehabilitation must be made for means of historic\npreservation;\n (iii) Such alterations or rehabilitation of historic property meet\nguidelines and review standards in the local preservation law;\n (iv) Such alterations or rehabilitation of historic property are\napproved by the local preservation commission prior to commencement of\nwork;\n (v) Alterations or rehabilitation are commenced subsequent to the\neffective date of the local law or resolution adopted pursuant to this\nsection.\n 3. Such exemption shall be granted only by application of the owner or\nowners of such historic real property on a form prescribed by the\ncommissioner. The application shall be filed with the assessor of the\ncounty, city, town or village having power to assess property for\ntaxation on or before the appropriate taxable status date of such\ncounty, city, town or village.\n 4. Such exemption shall be granted where the assessor is satisfied\nthat the applicant is entitled to an exemption pursuant to this section.\nThe assessor shall approve such application and such property shall\nthereafter be exempt from taxation and special ad valorem levies as\nherein provided commencing with the assessment roll prepared on the\nbasis of the taxable status date referred to in subdivision three of\nthis section. The assessed value of any exemption granted pursuant to\nthis section shall be entered by the assessor on the assessment roll\nwith the taxable property, with the amount of the exemption shown in a\nseparate column.\n 5. A county, city, town or village by local law or a school district\nby resolution may:\n (a) Reduce the per centum of exemption otherwise allowed pursuant to\nthis section; and\n (b) Limit eligibility for the exemption to those forms of alterations\nor rehabilitation as are prescribed in such local law or resolution.\n