11-D Tax Exempt Hist Distr Ord - Laserfiche WebLink

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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 taxable value of said property for ad valorem tax purposes shall not for seven (7) years exceed 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) Tax exemption of historically significant sites in need of tax relief to encourage their preservation; new construction - 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 is the site for new, historically compatible construction as provided herein, shall have exempted for a period of three (3) 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 the construction of the new historically compatible structure(s); that is, the taxable value of said property for ad valorem purposes shall not for three (3) years exceed the value of the property for the tax year immediately prior to the new construction. Only the new, historically compatible construction and the land reasonably necessary for access to, and use of the new historically compatible construction shall be subject to the tax exemption. The exemption period shall begin on the first day of the tax year following completion of the new, historically compatible construction project. Upon qualification, said exemption shall be available to any particular historically significant site one (1) time only for a period of three (3) years as set forth above. (d) Eligibility requirements for a tax exemption - To be eligible for a property tax exemption, a property must as a minimum meet the following requirements: 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 and existing historical structures 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 -3-