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04 Historic Structure Tax Exemp
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04 Historic Structure Tax Exemp
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Last modified
11/17/2005 11:15:09 AM
Creation date
1/14/2005 6:22:35 AM
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Template:
AGENDA
Item Number
04 Historic Structur
AGENDA - Type
MISCELLANEOUS
Description
Historic Structure Tax Exemption
AGENDA - Date
1/20/2005
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<br />BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF PARIS, PARIS, TEXAS: <br /> <br />Section 1. That the findings set out in the preamble to this ordinance are hereby in all things <br />approved. <br /> <br />Section 2. That Article IV of Chapter 30 of the Code of Ordinances of the City of Paris, entitled <br />"Tax Abatement," the same consisting of Sections 30-50 through 30-59, shall be and is hereby in all things <br />repealed. <br /> <br />Section 3. That there is hereby established a new Article IV to Chapter 30 of the Code of <br />Ordinances of the City of Paris, the same consisting of Sections 30-50 through 30-59, to be entitled "Tax <br />Exemption for Historically Significant Sites," to read as follows: <br /> <br />"Sec. 30-50. Tax exemption for historically significant sites in need of tax relief. <br /> <br />(a) Designation of historically significant sites in need of tax relief to encourage their <br />preservation - For the purposes of this Article IV, and subj ect to the eligibility requirements <br />of paragraph (c) of this Section, all properties located within the boundaries of Historic <br />Districts, as the same are and shall be hereafter designated in accordance with Article VII, <br />Chapter 7 of the Code of Ordinances of the City of Paris (the Historic Preservation <br />Ordinance), and the Zoning Ordinance of the City of Paris, as amended by Ordinance No. <br />2003-019, shall be and are hereby designated as historically significant sites in need of tax <br />relief to encourage their preservation. <br /> <br />(b) Tax exemption of historically significant sites in need of tax relief to encourage their <br />preservation - Any property which is designated as a "historically significant site in need <br />of tax relief to encourage its preservation" pursuant to the terms of this Article IV and <br />which is substantially rehabilitated as provided herein, shall have exempted for a period of <br />seven (7) years, 100% of any increase in the assessed value for ad valorem tax purposes in <br />excess of the assessed value of the property for the tax year immediately prior to its <br />rehabilitation; that is, the taxable value of said property for ad valorem tax purposes shall <br />not for seven (7) years exceed the value of the property for the tax year immediately prior <br />to the rehabilitation. <br /> <br />Only the historic structure and the land reasonably necessary for access to, and use of the <br />structure shall be subject to the tax exemption. The exemption period shall begin on the <br />first day of the tax year following completion of the rehabilitation project. Upon <br />qualification, said exemption shall be available to any particular historically significant site <br />one (1) time only for a period of seven (7) years as set forth above. <br /> <br />.(c) 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. <br /> <br />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- <br />
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