Res. No. 529
Resolution calling upon the State Legislature to introduce and adopt, and the Governor to sign, legislation which would provide owners of New York City designated landmarks a tax credit against property taxes when such owners make improvements to such landmarks; or on the alternative, authorize New York City, acting through its local legislative body, to adopt and amend local laws which would provide owners of New York City designated landmarks a tax credit against property taxes when such owners make improvements to such landmarks.
By Council Members Reyna, Avella, Brewer, Comrie, Felder, Gentile, Gerson, James, Liu, Nelson, Weprin, Mark-Viverito and Gioia
Whereas, Numerous private homes in New York City have been designated as historic landmarks; and
Whereas, Skyrocketing values in real estate caused the property taxes to increase as
well; and
Whereas, Many owners of historic landmarks take pride in the beauty and character of
their old homes; and
Whereas, To preserve and maintain the integrity of the historical landmark, costly
restorations and improvements are often needed; and
Whereas, Many owners of landmarks are reluctant to improve their properties because
of the resulting increase in property assessments because of such improvement; and
Whereas, Many landmark owners renovate their home without a prior consultation with
the New York City Landmarks Preservation Commission (“LPC”) to ensure compliance with
such entity’s restoration rules; and
Whereas, Improvements to historic landmarks consistent with the LPC’s restoration
rules will ensure that the integrity of the landmark will be maintained; and
Whereas, A property tax credit against property taxes owed by owners of historical
landmarks when they make LPC approved improvements to their home will help maintain the
character of the property as a landmark; now, therefore, be it
Resolved, That the Council of the City of New York calls upon the State Legislature to introduce and adopt, and the Governor to sign, legislation which would provide owners of New York City designated landmarks a tax credit against property taxes when such owners make improvements to such landmarks; or on the alternative, authorize New York City, acting through its local legislative body, to adopt and amend local laws which would
provide owners of New York City designated landmarks a tax credit against property taxes when such owners make improvements to such landmarks.
TT 08-16-06
LS # 916