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(A) In order to receive a partial property tax exemption under this chapter, the owner of the certified project, the applicant or other person responsible for the payment of property taxes on the certified project must notify the county assessor in writing that the project has been approved and certified by the city as certified vertical housing development project and qualifies for a partial property tax exemption.
(B) The notification described above in division (A) must be delivered to the County Assessor in writing on or before April 1 preceding the first tax year for which the partial property tax exemption is sought.
(C) Except as modified by divisions (D) and (E) of this section, the partial property tax exemption applies to the construction or rehabilitation of real property improvements associated with the certified project and the inclusion of low income residential housing on the certified project, in each of the tax years for the exemption applies.
(D) The eligible partial property tax exemption for a certified project equals 20% multiplied by the number of fully equalized floors up to four equalized floors for all associated buildings qualifying for the property tax exemption in the tax year that are:
(1) For residential use; and
(2) Constructed or rehabilitated as part of a certified vertical housing development project. For purposes of calculating the partial property tax exemption, the equalized floor quotient is rounded down to the whole numbers reflecting only fully equalized floors up to a maximum of four equalized floors.
(E) The partial property tax exemption on a certified project is available for ten consecutive years beginning with the first tax year in which as of the assessment date, the project is occupied or ready for occupancy following its approval by the city as a certified project.
(F) If during the period of partial tax exemption, any part of a project dedicated for residential use is converted to or used as non-residential area, the County Assessor and the city shall be notified by the project owner of such change as required by this chapter. The County Assessor and the city shall also be notified in writing by the project owner if any part of a certified project dedicated to low-income residential housing is converted to other purposes or is otherwise used in a manner that does not comply with the low-income residential housing requirements of this chapter.
(G) In order to receive a partial property tax exemption for a certified project, the certified project owner must notify the County Assessor. The certified project owner must provide the County Assessor with the following information:
(1) A letter requesting the VHDZ partial property tax exemption in accordance with the certified project approval certification.
(2) A copy of the final certified project application submitted to the city for certification.
(3) A copy of the certified project approval certificate issued by the city.
(4) A copy of the certificate(s) of occupancy issued by the city for the certified project.
(5) Such fee(s), if any, as the County Assessor may require.
(H) The certificate of occupancy or temporary certificate of occupancy must be dated prior to January 1 of the tax assessment year for which the exemption is requested.
(I) The written notice for the partial property tax exemption must be made to the County Assessor on or before April 1 of the tax assessment year that the exemption is sought. If proper noticed is provided to the County Assessor the partial property tax exemption will be effective for the first tax year for which the partial property tax exemption is eligible and for the next nine consecutive years provided certified project eligibility is maintained.
(J) If all or a portion of a certified project is decertified by the city, that portion of the certified project shall be disqualified from the partial property tax exemption as set forth in the notice of decertification required by this chapter.
(Ord. 2018-03, passed 7-17-2018)