(A) Pursuant to KRS 99.595 through 99.605, the city grants a property assessment or reassessment moratorium deferring the value of improvements to the owner of any existing residential building which has been in existence for twenty-five (25) years or longer or the owner or lessee of any commercial facility which has been in existence for twenty-five (25) years or longer, who undertakes the repair, rehabilitation, restoration or stabilization of said building or facility. The moratorium shall be in effect for five (5) years after the issuance of a moratorium certificate as described herein.
(B) The property reassessment moratorium program described herein shall be administered by the City Inspector’s office. Any owner seeking a property reassessment shall apply to the City Inspector’s office for a moratorium certificate within thirty (30) days before commencing repair, rehabilitation, restoration or stabilization on a form prescribed by the Revenue Cabinet. In addition the City Inspector, acting through regulations promulgated by the Mayor, may require the applicant to provide any and all necessary information for administration of the program, including but not limited to, information required by statute.
(C) Within thirty (30) days after filing of the application, the City Inspector shall have the property valuation administrator reassess the property, or if the property valuation administrator is unavailable, the City Inspector shall reassess the property. Thereafter, the owner shall have two (2) years to complete the project during which normal reassessment shall occur. After completion of the project, the City Inspector shall issue a moratorium certificate which shall become effective on the assessment date next following the issuance and for a period of five (5) years thereafter. On the assessment date next following the expiration, cancellation or revocation of the moratorium certificate, the property shall be assessed on the basis of its full fair cash value.
(D) Any property granted a reassessment moratorium may be eligible for a subsequent moratorium certification provided that reapplication be made no sooner than three (3) years following the expiration of the original moratorium, or any other moratorium and provided that such property shall otherwise meet the requirements for the reassessment moratorium.
(E) An assessment or reassessment moratorium certificate may be transferred or assigned by the holder of the certificate to a new owner or lessee of the property.
(Ord. 1997-3, passed 3-4-97)