(a) General. The tax exemptions based on conversion under Subsection (b) may not be granted more than one time for the same historic property. Otherwise, the different tax exemptions under this section may be combined sequentially or simultaneously. Additional tax exemptions based on rehabilitation under Subsection (c) are permitted at any time (including during the term of a previous tax exemption) if the owner provides additional rehabilitation, limited to repair, reconstruction, or maintenance of the exterior facade, meeting the minimum expenditure based on the pre-rehabilitation value applicable to the subsequent application, and otherwise meets all requirements of this article.
(b) Tax exemption based upon residential conversion or ground floor retail conversion.
(1) Eligibility for tax exemption. To be eligible for this tax exemption:
(A) the historic property must be in an urban historic district; and
(B) the portion of the historic property’s ground-level floor facing the street may not be used for parking; and
(C) at least 45 percent of the historic property’s floor area must be occupied after the conversion; and either
(D) more than 50 percent of the historic property’s floor area must be converted from nonresidential use to residential use; or
(E) more than 65 percent of the historic property’s street frontage must be converted for a ground-floor retail use, and the property must be in a zoning district that permits the retail use. Tax exemptions are not available for retail conversions that require a zoning change in order to permit the retail use upon conversion unless the historic property was historically used for retail purposes as determined by the landmark commission.
(2) Value and duration.
(A) One hundred percent of the historic property’s value will be exempt from city property tax.
(B) The tax exemption will begin as soon as possible after verification and have a duration of five years.
(c) Tax exemption based upon rehabilitation.
(1) Eligibility for tax exemption. To be eligible for this tax exemption:
(A) the historic property must be in an urban historic district; and
(B) the cost of the rehabilitation that is completed must exceed 75 percent of the pre-rehabilitation value of the contributing structure (excluding value of the land) or must exceed 50 percent of the pre-rehabilitation value of the contributing structure (excluding value of the land).
(2) Value and duration.
(A) One hundred percent of the historic property’s value will be exempt from city property tax if the cost of rehabilitation completed exceeds 75 percent of the pre-rehabilitation value of the contributing structure (excluding value of the land).
(B) The added value of the historic property over the pre-rehabilitation value will be exempt from city property tax if the cost of rehabilitation completed exceeds 50 percent of the pre-rehabilitation value of the contributing structure (excluding value of the land).
(C) The tax exemption will begin as soon as possible after verification and have a duration of 10 years. (Ord. Nos. 21874; 22026; 22392; 23506; 24584; 25509; 27016)