§ 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.