(A) There is established a program for the granting of property assessment or reassessment moratoriums for qualifying units of real property located in the city. To be eligible, a residential building in the city must have been in existence for 25 years and must be used to provide independent living facilities for one or more persons. For a commercial building to qualify in the city, it must be 25 years or older and must have as its primary purpose and use the operation of a commercial business enterprise.
(B) Definitions for interpreting this subchapter shall be those outlined in KRS Ch. 99 relating to property assessment and reassessment moratoriums. (1984 Code, § 97.10) (Ord. O-81-82, passed 11-16-1982)
Statutory reference:
Property moratoriums, see KRS Ch. 99 and 132