(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 commissioner. 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.
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