NY Real Prop Tax L § 444-A (2021)
2021 New York Laws RPT - Real Property Tax Article 4 - Exemptions Title 2 - Private Property 444-A - Historical 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.