Int 0057-1998

Be it enacted by the Council as follows: Section 1. Chapter 2 of title 11 of the administrative code of the city of New York, is amended by adding a new section 11-245.5 to read as follows: �11-245.5 Exemption for altered or rehabilitated historic property 1. Historic real property which is altered or rehabilitated subsequent to the adoption of this local law shall be exempt from taxation and any special ad valorem levies to the extent of any increase in value attributable to such alteration or rehabilitation pursuant to the schedule set forth in subdivision two of section 444-a of the real property tax law. 2. 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 landmarks preservation law; (iv) such alterations or rehabilitation of historic property are approved by the landmarks preservation commission prior to commencement of work; (v) alterations or rehabilitation are commenced subsequent to the effective date of this local law. 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 state board. The application shall be filed with the department of finance between the fifteenth day of January and the fifteenth day of April. 4. Such exemption shall be granted when the department of finance is satisfied that the applicant is entitled to an exemption pursuant to this law and section 444-a of the real property tax law. The department of finance 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. The assessed value of any exemption granted pursuant to this local law shall be entered by the department of finance on the assessment roll with the taxable property, with the amount of the exemption shown in a separate column. �2. This local law shall take effect immediately. Referred to the Committee on Finance.