Relates to exemptions granted for alterations or rehabilitation

This bill amends New York's real property tax law to clarify requirements for tax exemptions on historic property renovations. It requires that property owners seeking exemptions for alterations or rehabilitation must: (1) own property designated as a landmark or contributing to a historic district, (2) ensure work serves historic preservation, (3) follow local preservation guidelines, and (4) get approval from the local preservation commission before starting work. Local governments (counties, cities, towns, or school districts) can also set their own rules, such as reducing exemption percentages or limiting eligibility. The changes apply to properties under local preservation jurisdiction and take effect immediately.