2023 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.