Any property which is designated as an historically significant site pursuant to the terms of this subchapter and which is substantially rehabilitated as provided herein shall have an assessed value for ad valorem tax purposes equal to the assessed value of the property for the tax year immediately prior to the renovation, for a period of four to eight years following the completion of the renovation, these years being determined on a case by case basis. Only the historic structure and the land reasonably necessary for access to, and use of, the structure shall be subject to the tax valuation freeze. The valuation freeze period shall begin on the first day of the tax year following completion of the rehabilitation project.
(2012 Code, § 80-51)