(a) General. Additional tax exemptions based on rehabilitation under Subsection (b) are permitted at any time (including during the term of a previous tax exemption) if the owner provides additional maintenance or 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 rehabilitation.
(1) Eligibility for tax exemption. To be eligible for this tax exemption:
(A) the historic property must be in an endangered or revitalizing historic district; and
(B) the cost of rehabilitation that is completed must exceed 25 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 25 percent of the pre-rehabilitation value of the contributing structure (excluding value of the land).
(B) 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; 29953)