New York S01735 amends the real property tax law to restrict tax exemptions for alterations or rehabilitations of historic properties.

New York S01735 amends the real property tax law to modify the criteria for tax exemptions on alterations or rehabilitations of historic properties. The bill specifies that such exemptions are only granted if the property is designated as a landmark or contributes to the character of an historic district. Additionally, the alterations or rehabilitations must be approved by the local preservation commission prior to commencement. The changes are effective immediately upon the bill's enactment.

New York S01735 amends the real property tax law to restrict tax exemptions for alterations or rehabilitations of historic properties.

New York S01735 amends the real property tax law to modify the criteria for tax exemptions on alterations or rehabilitations of historic properties. The bill specifies that such exemptions are only granted if the property is designated as a landmark or contributes to the character of an historic district. Additionally, the alterations or rehabilitations must be approved by the local preservation commission prior to commencement. The changes are effective immediately upon the bill's enactment.