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<br />years exceed the value of the property for the tax year immediately prior to the <br />rehabilitation. <br /> <br />Only the historic structure and the land reasonably necessary for access to, and use <br />of the structure shall be subject to the tax exemption. The exemption period shall <br />begin on the first day of the tax year following completion of the rehabilitation <br />project. Upon qualification, said exemption shall be available to any particular <br />historically significant site one (I) time only for a period of seven (7) years as set <br />forth above. <br /> <br />( c) Tax exemption of historically significant sites in need of tax relief to encourage <br />their preservation; new construction - Any property which is designated as a <br />"historically significant site in need of tax relief to encourage its preservation" <br />pursuantto the terms of this Article IV and is the site for new, historically compatible <br />construction as provided herein, shall have exempted for a period of three (3) years, <br />100% of any increase in the assessed value for ad valorem tax purposes in excess of <br />the assessed value of the property for the tax year immediately prior to the <br />construction of the new historically compatible strueture(s); that is, the taxable value <br />of said property for ad valorem purposes shall not for three (3) years exceed the value <br />of the property for the tax year immediately prior to the new construction. <br /> <br />Only the new, historically compatible construction and the land reasonably necessary <br />for access to, and use of the new historically compatible construction shall be subject <br />to the tax exemption. The exemption period shall begin on the first day of the tax <br />year following completion of the new, historically compatible construction project. <br />Upon qualification, said exemption shall be available to any particular historically <br />significant site one (1) time only for a period of three (3) years as set forth above. <br /> <br />(d) Eligibility requirements for a tax exemption - To be eligible for a property tax <br />exemption, a property must as a minimum meet the following requirements: <br /> <br />1. The property must meet the requirements for designation as a historically <br />significant site in need of tax relief to encourage its preservation. <br /> <br />2. The property must meet all requirements for application and verification <br />as set forth herein. <br /> <br />3. Tax exemption will be considered for eligible projects resulting in an <br />expenditure to rehabilitate the property and existing historical structures <br />in an amount of not less than five thousand dollars ($5,000.00) for <br />property zoned or used for residential purposes, and not less than ten <br />thousand dollars ($1 0,000.00) for property zoned or used for retail, office, <br />commercial, or central area district purposes. Only expenditures for <br />improvements to the exterior of structures, such as improvements to the <br /> <br />-3- <br />