PROPOSAL OFFERS TAX BREAK ON HISTORIC IMPROVEMENTS.(CAPITAL REGION)

Byline: JAY JOCHNOWITZ Staff writer

Albany After years of watching much of its heritage deteriorate from neglect, Albany is looking to encourage the owners of historic buildings to fix them up with an offer of a tax break.

Under a new law set to be introduced to the Common Council next week, the city proposes to grant property owners a full exemption for five years on any additional taxes arising from an historic restoration, which would normally increase a building's value.

For five more years, an owner would receive a declining exemption, starting at 80 percent and dropping to zero.

The law is designed to give the owners of historic …