The discretionary formula for reduced taxation of any new residential structure within a redevelopment neighborhood, or any addition to or renovation of any existing structure shall be as follows:
(A) During the first tax year after construction, the taxable value shall be 20% of the assessed valuation for tax purposes;
(B) During the second tax year after construction, the taxable value shall be 40% of the assessed valuation tax purposes;
(C) During the third tax year after construction, the taxable value shall be 60% of the assessed valuation for tax purposes.
(D) During the fourth tax year after construction, the taxable value shall be 80% of the assessed valuation for tax purposes.
(E) During the fifth tax year after construction, the taxable value shall be 100% of the assessed valuation for tax purposes.
(Ord. 658, passed 7-6-2020)