§ 34.65 PROPERTY ASSESSMENT AND REASSESSMENT MORATORIUM PROGRAM.

   (A)   Title and adoption. A new section of the Campbell County, Kentucky, Code entitled, "Property Assessment and Reassessment Moratorium Program," (hereinafter referred to as the "program") is hereby adopted for the purpose of granting property assessment and reassessment moratoriums on qualifying units of real property located in Campbell County, Kentucky.

   (B)   Definitions. For the purposes of this section, the following definitions shall apply unless the context clearly indicates otherwise or requires a different meaning.

      ADMINISTERING AGENCY. The Campbell County Fiscal Court, acting through its Economic Development Office, as directed by the County Judge/Executive.

      ASSESSMENT OR REASSESSMENT MORATORIUM. The act of deferring the value of the improvements from the taxable assessment of qualifying units of real property for a maximum period of five years .

      COMMERCIAL FACILITY. Any structure where the primary purpose and use of which is the operation of a commercial business enterprise and which is 25 years old or older. Structures which house a mixture of uses will be considered primarily commercial if 51 % of the usable square footage is to be occupied and used by a commercial business enterprise.

      LEGISLATIVE BODY. The Campbell County Fiscal Court.

      QUALIFYING UNITS OF REAL PROPERTY. Any commercial facility on a parcel of real property within the boundaries of Campbell County, Kentucky.

      REHABILITATION. The process of returning an existing structure to a state of utility through repair or alteration which makes possible an efficient contemporary use.

      REPAIR. The reconstruction or renewal of any part of an existing structure for the purpose of maintenance.

      RESTORATION. The process of accurately recovering the form and details of a structure and its setting as it appeared at a particular period of time by removal of later work or by the replacement of missing earlier work.

      STABILIZATION. The process of applying measures designed to reestablish a weather-resistant enclosure and the structural stability of an unsafe or deteriorated property while maintaining the essential form as it exists.

   (C)   Operation of program.

      (1)   The program shall apply to commercial facilities to undergo rehabilitation , repair , restoration , and/or stabilization and that will have been approved for a moratorium by the legislative body . For approved qualifying units of real property , the moratorium granted shall defer the value of improvements from the taxable assessment for five years .

      (2)   The assessment or reassessment moratorium shall apply only with regard to county ad valorem real property taxes.

      (3)   The moratorium shall become effective on the assessment date next following the issuance of a moratorium certificate.

      (4)   The taxable assessment for approved qualifying units of real property shall be made by the property valuation administrator within 30 days of receipt of an application to the administering agency .

      (5)   On the assessment date next following the expiration, cancellation, or revocation of the moratorium, the qualifying unit of real property shall be assessed on the basis of its full fair cash value.

      (6)   Properties granted a moratorium may be eligible for subsequent moratorium certification if reapplication is made no sooner than three years  following the expiration of the original moratorium, or any other moratorium, and provided that such property shall otherwise meet the requirements and be approved by the legislative body for the moratorium.

   (D)   Application process. The owner or lessee of a commercial facility  may make application to the administering agency on a form provided by the administering agency . The form shall conform to the provisions set forth in KRS 99.605. The application shall be filed at least 30 days prior to commencing rehabilitation , repair , restoration , and/or stabilization . The property valuation administrator shall assess or reassess the property within 30 days of receipt of an application. The legislative body shall approve all applications made to the administering agency . After approval, the applicant shall notify the administering agency when the project is complete, and the administering agency and/or the property valuation administrator shall then conduct an on-site inspection of the property in order to verify the improvements.

   (E)   Issuance of certificate.

      (1)   The applicant shall have two years from the date of application in which the improvements will be made, unless granted an extension by the legislative body . The moratorium shall otherwise become void if not acted upon by the applicant within two years . Once the applicant notifies the administering agency that the project is complete, the property valuation administrator shall verify, through the on-site inspection of the property, and issue the moratorium certificate. The moratorium shall then take effect on the next assessment date, January 1, for five years . The property valuation administrator shall also certify the new, full fair cash value of the property so that other taxing entities who do not give a moratorium may levy taxes on the new assessed value of the property.

      (2)   A moratorium certificate may be transferred or assigned to a new owner or lessee of the approved property.

(Ord. O-15-16, passed 10-19-16)