[Adopted 7-18-2007 by L.L. No. 3-2007]
In accordance with the authorization of subdivision 1 of § 444-a of the Real Property Tax Law, an exemption from real property taxation by the Town of Saugerties is granted for historic property that is altered or rehabilitated subsequent to the date of this article, as described in § 444-a of the Real Property Tax Law.
In accordance with the authorization of subdivision 2(a) of § 444-a of the Real Property Tax Law, historic property shall be exempt from taxation to the extent of any increase in value attributable to such alteration or rehabilitation in accordance with 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%