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

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1.The property must meet the requirements for designation as a historically significant site in need of tax relief to encourage its preservation. 2.The property must meet all requirements for application and verification as set forth herein. 3.Tax exemption will be considered for eligible projects resulting in an expenditure to rehabilitate the property in an amount of not less than five thousand dollars ($5,000.00) for property zoned or used for residential purposes, and not less than ten thousand dollars ($10,000.00) for property zoned or used for retail, office, commercial, or central area district purposes. 4.To be eligible for such an exemption, no property taxes may be owed on the property itself, and the property owner must be current in the payment of all property taxes for property owned and located within the City of Paris at the time of application and throughout the term of the exemption. 5.All construction must be performed in full compliance with all applicable city codes. (d) Grant of tax abatement discretionary - The grant of any tax exemption shall be at the sole discretion of the City Council of the City of Paris, and the creation of this policy providing for such tax exemption shall not in any way be construed to imply that any applicant for tax exemption under this Article IV has the right or entitlement to any such tax exemption. In exercising such discretion, the City Council may by future policy, amendments or otherwise determine those tax exemptions which best serve the needs of the City of Paris for preservation of historical structures relative to the tax revenue lost as the result of such exemption. Sec. 30-51. Application process. Applications for a historically significant site tax exemption pursuant to this Article are to be filed with the City Manager, or such other city official designated by the City Manager of the City of Paris, who shall be the agent for the City for the purposes of administering this Article. Each application must be signed by the owner of the property, be acknowledged before a notary public, and shall: (a) State the legal description; (b) Include an affidavit by the owner stating the proposed property is located within an Historic District (HD), that no taxes are owed thereon, and that no taxes are owed on any property in the City of Paris owned by the property owner; (c) Include detailed plans and/or descriptions of the proposed work demonstrating rehabilitation is in accordance with the City’s Historic Preservation Ordinance, any applicable design guidelines, and all City codes; -3-