N.Y. Real Property Tax Law § 444-a: Historic property

§ 444-a. Historic property. 1. Real property altered or rehabilitated

subsequent to the effective date of a local law or resolution adopted

pursuant to this section shall be exempt from taxation and special ad

valorem levies as herein provided. After a public hearing, the governing

body of a county, city, town or village may adopt a local law and a

school district, other than a school district governed by the provisions

of article fifty-two of the education law, may adopt a resolution to

grant the exemption authorized pursuant to this section. A copy of such

law or resolution shall be filed with the commissioner and the assessor

of such county, city, town or village who prepares the assessment roll

on which the taxes of such county, city, town, village or school

district are levied.

2. (a) Historic property 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 percent 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:

(i) 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 section ninety-six-a or one hundred

nineteen-dd of the general municipal law;

(ii) Alterations or rehabilitation must be made for means of historic

preservation;

(iii) Such alterations or rehabilitation of historic property meet

guidelines and review standards in the local preservation law;

(iv) Such alterations or rehabilitation of historic property are

approved by the local preservation commission prior to commencement of

work;

(v) Alterations or rehabilitation are commenced subsequent to the

effective date of the local law or resolution adopted pursuant to this

section.

3. Such exemption shall be granted only by application of the owner or

owners of such historic real property on a form prescribed by the

commissioner. The application shall be filed with the assessor of the

county, city, town or village having power to assess property for

taxation on or before the appropriate taxable status date of such

county, city, town or village.

4. 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 subdivision three of

this section. 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.

5. A county, city, town or village by local law or a school district

by resolution may:

(a) Reduce the per centum of exemption otherwise allowed pursuant to

this section; and

(b) Limit eligibility for the exemption to those forms of alterations

or rehabilitation as are prescribed in such local law or resolution.