The County real property tax credit is based on the initial assessment of the new construction or renovation of an existing property (the “improved property”) to be determined at the time the improved property is subject to assessment by the State and results in the improved property’s addition to the county’s tax roles. The valuation of the improved property is to be determined by the improved property’s value at the time of it’s assessment and is not to be effected by any increase in general property values or assessments as determined by the State Department of Assessment and Taxation.
(Res. 2008-9, passed 6-2420-08)