NY A03826

Amends Real Property Tax Law section 444-a to modify requirements for tax exemptions on historic property alterations and rehabilitation.

Removes requirements that alterations or rehabilitation must be made for historic preservation purposes and must meet local preservation guidelines and standards.

Retains requirement that alterations or rehabilitation must be approved by the local preservation commission prior to commencement of work.

Grants counties, cities, towns, villages, and school districts authority to reduce the percentage exempt from taxation, limit eligibility to certain alterations or rehabilitations, or extend exemptions to work outside the preservation commission's jurisdiction (provided any work within the commission's jurisdiction is still approved).

Takes effect immediately upon enactment.