Buffalo, New York's Historic Property Exemption Law of 1998
Section 547-b Historic Property Exemption

A (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 1 ... 100% exemption
Year 2 ... 100% exemption
Year 3 ... 100% exemption
Year 4 ... 100% exemption
Year 5 ... 100% exemption
Year 6 ... 80% exemption
Year 7 ... 60% exemption
Year 8 ... 40% exemption
Year 9 ... 20% exemption
Year 10 ... 0% exemption

(b ) No such exemption shall be granted for such alterations or rehabilitations 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) Alteration or rehabilitation must be for the purpose of historic preservation. For purposes of qualifying for a real property tax exemption pursuant to this ordinance, alterations and rehabilitation shall be deemed to be for the purpose of historic preservation if

(aa) only exterior work is involved, or

(bb) interior work involves the portion of the building that has been designated as a public interior under the local preservation law, or

(cc) at least five percent (5%) of the total cost of the project is directly attributable to exterior work and/or work that enhances the structural stability or structural integrity of the property, provided, however, that such portion of interior work done for the purpose of converting property from a one or two family dwelling to a multiple dwelling as defined in the Code of the City of Buffalo and any increase in value resulting from such conversion shall not qualify for the exemption or

(dd) the project returns to use a building which has not been used for a permissible purpose under the Zoning Code for a continuous period of at least two (2) years

(iii) Such alterations or rehabilitation of historic property meet guidelines and review standards in Chapter 337 of the Code of the City of Buffalo;

(iv) Such alterations or rehabilitation are commenced subsequent to the effective date of this section.

B. 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 of Real Property Services. The application shall be filed with the Commissioner of Assessment on or before the appropriate taxable status date of the city.

C. Such exemption shall be granted where the Commissioner of Assessments is satisfied that the applicant is entitled to an exemption pursuant to this section. The Commissioner of Assessment 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 to in subdivision B of this section. The assessed value of any exemption granted pursuant to this section shall be entered by the Commissioner of Assessment on the assessment roll with the taxable property. with the amount of the exemption shown in a separate column.

D. Such exemption shall be applicable only to those alterations or rehabilitation which would otherwise result in an increase in the assessed valuation of the real property but which consist of a historic preservation to an existing building structure.

E. This section shall take effect immediately and shall apply to assessment rolls completed on or after such effective date.