(a) General. The different tax exemptions under this section may be combined sequentially or simultaneously. Additional tax exemptions based on rehabilitation under Subsection (b) or rehabilitation of an endangered historic property 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 rehabilitation.
(1) Eligibility for tax exemption. To be eligible for this tax exemption:
(A) the historic property must not be in an urban historic district, endangered historic district, or a revitalizing historic district; and
(B) the cost of rehabilitation that is completed must exceed 50 percent of the pre-rehabilitation value of the contributing structure (excluding value of land).
(2) Value and duration.
(A) The added value of the historic property over the pre-rehabilitation 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 10 years.
(c) Tax exemption based upon rehabilitation of an endangered historic property.
(1) Eligibility for tax exemption. To be eligible for this tax exemption:
(A) the historic property must not be in an urban historic district, an endangered historic district, or a revitalizing historic district;
(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); and
(C) the landmark commission must find that the historic property is in danger of being irreplaceably lost due to severe deterioration, severe damage, or impending demolition.
(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 10 years. (Ord. Nos. 27016; 29953)