Section 175-97 REAL ESTATE TAX EXEMPTION FOR REHABILITATION.
A.
A
partial
exemption of real estate taxes for a period
of ten (10) years shall be provided for the substantial
rehabilitation of
any structure [fifty (50) years or older] within a designated historic
resource
overlay area or to a structure which is listed on the National Register
of
Historic Places. For the purposes herein, substantial rehabilitation
shall involve
an investment of at least forty percent (40%) of the pre-rehabilitated
assessed
value of the structure.
(Ord.
No. Z-3-97 Amended 10-27-97-Effective
Upon Passage)
B.
The
partial
exemption shall be equal to the increase in
assessed value resulting from the rehabilitation. Rehabilitations
cannot replace
the original structure. Increases in total square footage may be
permitted up
to a maximum of fifty (50%) percent of the original structure.
(Ord.
No. Z-3-97 Amended 10-27-97-Effective
Upon Passage)
C.
The
exemption
shall commence on January 1 of the year
following completion of the rehabilitation and shall run with the
real
estate for a period of ten (10) years. An increase in an
assessment
occurring after the first year of the exemption shall not result in an
increase
in the exemption.
D. No property shall be eligible for such exemption unless the appropriate certificate of appropriateness and building permits have been acquired and the Zoning Administrator and Commissioner of the Revenue have verified that the rehabilitation indicated on the application has been completed. Such rehabilitation shall be completed within two (2) years of issuance of the building permit for the work, except that the deadline for completion may be extended for up to two (2) additional years if the Zoning Administrator determines that reasonable progress has been made towards completion of the project.
(Ord.
No.
Z-1-93
Amended
Title/Added “A-D” 3-22-93-Effective Upon Passage)
(Ord.
No. Z-3-97 Amended “D” 10-27-97-Effective Upon
Passage)