|
|
Real Estate Valuation
Sec. 32-101.20. Generally; termination of exemption program.
(a) The director of real estate valuation shall, upon application made and within the limits as hereinafter provided, order the partial exemption from real property tax of real property upon which new structures or other improvements have been constructed within a redevelopment or conservation area, or a rehabilitation district established in the city.
(b) This division shall terminate and no new applications for exemption shall be accepted on and after July 1, 2010, unless reenacted. This provision shall not affect applications filed before that date, or the continued eligibility for exemption of properties approved before that date.
(Ord. No. 37634, § 1, 12-4-06)
Sec. 32-101.22. Eligibility of residential real property.
In order to qualify for the exemption from real property taxation for real property constructed for residential use, the new structure or other improvements must be designed for and used as a principal single-family residential structure, and uses accessory thereto. The structure must have an assessed value of at least one hundred twenty (120) percent of the median value of other residential structures in the neighborhood, as determined by the director of real estate valuation.
(Ord. No. 37634, § 1, 12-4-06)
Sec. 32-101.23. Eligibility of commercial real property.
Other than real property constructed for residential use, the only property eligible for the exemption provided by this division shall be commercial property in districts zoned CN-Neighborhood Commercial. In order for such property to qualify, the new structure or other improvements must be designed for and used for purposes permitted in a CN district.
(Ord. No. 37634, § 1, 12-4-06)
Sec. 32-101.24. Amount of exemption.
The amount of the exemption from real property taxation provided for by this division shall be an amount equal to the increase in assessed value resulting from the construction of the new structure or other improvement to the real estate, as determined by the director of real estate valuation. This amount only, on a fixed basis, shall constitute the exemption, notwithstanding subsequent assessment or reassessment. The exemption shall commence on January 1 of the year following completion of the new construction or improvements and shall run with the real estate for a period of (i) ten (10) years for residential structures initially assessed at under three hundred thousand dollars ($300,000.00), and three (3) years for residential structures assessed over that amount, and (ii) ten (10) years for structures in CN districts initially assessed at under eight hundred thousand dollars ($800,000.00), and five (5) years for such structures initially assessed at over this amount and only one (1) exemption under this division may be applicable to any real estate at any point in time.
(Ord. No. 37634, § 1, 12-4-06)
|
|
|