04&-05-A Historic Tax Exemption - Laserfiche WebLink

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WHEREAS, the City Council also finds that such tax relief will provide economic incentive to NOW, THEREFORE, develop projects in historic buildings worthy of preservation; BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF PARIS, PARIS, TEXAS: Section 1. That the findings set out in the preamble to this ordinance are hereby in all things approved. Section 2. That Article IV of Chapter 30 of the Code of Ordinances of the City of Paris, entitled “Tax Abatement,” the same consisting of Sections 30-50 through 30-59, shall be and is hereby in all things repealed. Section 3. That there is hereby established a new Article IV to Chapter 30 of the Code of Ordinances of the City of Paris, the same consisting of Sections 30-50 through 30-59, to be entitled “Tax Exemption for Historically Significant Sites,” to read as follows: Sec. 30-50. Tax exemption for historically significant sites in need of tax relief. “ (a) Designation of historically significant sites in need of tax relief to encourage their preservation - For the purposes of this Article IV, and subject to the eligibility requirements of paragraph (c) of this Section, all properties located within the boundaries of Historic Districts, as the same are and shall be hereafter designated in accordance with Article VII, Chapter 7 of the Code of Ordinances of the City of Paris (the Historic Preservation Ordinance), and the Zoning Ordinance of the City of Paris, as amended by Ordinance No. 2003-019, shall be and are hereby designated as historically significant sites in need of tax relief to encourage their preservation. (b) Tax exemption of historically significant sites in need of tax relief to encourage their preservation - Any property which is designated as a “historically significant site in need of tax relief to encourage its preservation” pursuant to the terms of this Article IV and which is substantially rehabilitated as provided herein, shall have exempted for a period of seven (7) years, 100% of any increase in the assessed value for ad valorem tax purposes in excess of the assessed value of the property for the tax year immediately prior to its rehabilitation; that is, the assessed value of said property for ad valorem tax purposes shall be fixed or frozen for seven (7) years at the value of the property for the tax year immediately prior to the rehabilitation. Only the historic structure and the land reasonably necessary for access to, and use of the structure shall be subject to the tax exemption. The exemption period shall begin on the first day of the tax year following completion of the rehabilitation project. Upon qualification, said exemption shall be available to any particular historically significant site one (1) time only for a period of seven (7) years as set forth above. (c) Eligibility requirements for a tax exemption - To be eligible for a property tax exemption, a property must as a minimum meet the following requirements: -2-