[Adopted 3-7-2000 by L.L. No. 2-2000]
This article shall be known as "Real Property
Tax Exemption for Historic Properties."
A.
This real property tax exemption for historic properties,
authorized by § 444-a of the Real Property Tax Law, is being
enacted in order to achieve the following goals: to increase incentives
for property owners in historic districts to invest in the upkeep
and rehabilitation of properties; to provide an incentive for the
restoration and rehabilitation of commercial structures which qualify
as landmarks in order to provide financial advantages which may help
to attract and retain businesses in the County; to assist homeowners
who are interested in restoring their own properties, but may not
be able to afford to do so when faced with potential increases in
taxation as the result of alterations which would qualify for this
exemption; to provide financial incentives for investment in low-income
residential neighborhoods which may contain landmarked buildings or
districts designated within the area; and to provide a concrete benefit
for restoring or improving historically or architecturally significant
properties.
B.
This article is intended to create a real property
tax exemption that preserves or increases the historic character of
real property located in the County of Tompkins.
Real property within the County of Tompkins altered or rehabilitated subsequent to the effective date of this article shall be exempt from County real property taxes and special ad valorem levies subject to and in accordance with the schedules set forth in § 150-46 and conditions outlined in §§ 150-47 and 150-48.
Historic property, altered or rehabilitated
subsequent to the effective date of this article, shall be exempt
from taxation to the extent of any increases in 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%
|
No such exemption shall be granted for such
alterations or rehabilitation unless all of the following criteria
are met:
A.
Such property must be designated as a landmark or
is a property that contributes to the character of a historic district,
created by a local law passed pursuant to § 96-a or § 119-dd
of the General Municipal Law.
B.
Such alterations or rehabilitation of historic property
must meet guidelines and review standards establishes by governing
local preservation law.
C.
Such alterations and rehabilitations must be for the
purpose of historic preservation.
D.
Such alterations or rehabilitations of historic property
are approved by a governing local preservation commission prior to
the commencement of work.
E.
Such alterations or rehabilitation must be commenced
subsequent to the effective date of this article.
This exemption shall be granted only by application
of the owner or owners of such historic real property on a form prescribed
by the State Equalization and Assessment Board. The application shall
be filed with the County Assessor, on or before the appropriate taxable
status date covering County real property.
Such exemptions shall be granted where the Assessor is satisfied that the applicant is entitled to an exemption pursuant to this article. The Assessor shall approve such application and such property shall thereafter be exempt from taxation and special ad valorem levies for the County real property taxation as provided in the schedule established in § 150-46 of this article commencing with the assessment roll prepared on the basis of the taxable status date referred to in § 150-48 of this article. 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 exemptions shown in a separate column.
