Historic property, as defined herein, within the Village of Hamburg altered or rehabilitated subsequent to the effective date of this article shall be exempt from Village real property and special ad valorem levies, subject to and in accordance with the schedule set forth in §
212-27, provided such property meets the requirements as set forth in §
212-28.
Historic property, as defined herein, shall be exempt from taxation
to the extent of any increase in assessed value attributable to such alteration
or rehabilitation pursuant to the following schedule:
Year of Exemption
|
Percentage of Exemption
|
---|
1
|
100%
|
2
|
100%
|
3
|
100%
|
4
|
100%
|
5
|
100%
|
6
|
80%
|
7
|
60%
|
8
|
40%
|
9
|
20%
|
10
|
0%
|
This article shall take effect immediately and shall apply to assessment
rolls completed on or after such effective date.