Section 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 state board 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 state
  board. 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.