(a) Upon proper application, any owner of a qualified business who owned the improvements used by that business on the date of the business’s first qualification pursuant to § 35-1.3 and continues to own the improvements during the tax year shall be eligible for a rebate from the city, for a period of three consecutive years, of the lesser of:
(1) All real property taxes paid on improvements at the site qualifying under § 35-1.3(a) or (b) by the business which are in excess of the real property taxes paid upon the improvements at the site immediately preceding the date of the business’s first qualification; or
(2) $100,000.
The rebate shall apply only in those years in which the business continues to employ the number of full-time employees required by § 35-1.3. In the event the improvements are transferred after taxes have been paid, only the qualified business that paid the taxes shall be eligible for the rebate.
(b) A claim for a real property tax rebate may be filed for excess taxes paid during a tax year at any time during the succeeding tax year only.
(c) The rebate shall apply to improvements which are held by the qualified business and which are used by the qualified business.
(1990 Code, Ch. 35, Art. 2, § 35-2.2) (Added by Ord. 98-54)