(a) The director shall remit taxes due or paid for real property damaged or destroyed as a result of natural disaster, where the mayor has declared a natural disaster for purposes of real property tax relief, under this section. Remissions shall be granted:
(1) Of taxes on the damaged or destroyed real property for the tax year in which the natural disaster occurred; and
(2) To the extent and in the manner set forth in this section.
(b) The director shall determine whether the real property was wholly destroyed or was partially destroyed or damaged from the natural disaster. If the real property was partially destroyed or damaged, the director shall determine what percentage of the value of the whole property was destroyed or otherwise lost by reason of the natural disaster.
(c) If the real property was wholly destroyed, the amount remitted shall be the lower of the following, but subject to subsection (e):
(1) The total tax on the property for the tax year in which the natural disaster occurred; or
(2) $25,000.
(d) If the real property was partially destroyed or damaged, the amount remitted shall be the lower of the following, but subject to subsection (e):
(1) The amount derived by multiplying the total tax on the property for the tax year by the percentage of the value destroyed or otherwise lost, determined as provided in subsection (b); or
(2) $25,000.
(e) The minimum tax of § 8-11.1(g) shall apply to real property, the tax on which is remitted under this section. In no case shall the amount remitted for a parcel of real property under this section cause the tax on that parcel to be less than the minimum.
(f) Application for a remission of taxes pursuant to this section shall be filed with the director on or before June 30 of the tax year involved, or within 60 days after the declaration by the mayor of the natural disaster, whichever is the later. Any amount of taxes authorized to be remitted by this section, which has been paid, shall be refunded upon proper application therefor out of appropriated general funds.
(g) For purposes of this section, the term “natural disaster” means any disaster caused by seismic or tidal wave, tsunami, hurricane, volcanic eruption, typhoon, earthquake, or flood waters.
(Sec. 8-4.2, R.O. 1978 (1983 Ed.)) (1990 Code, Ch. 8, Art. 4, § 8-4.2) (Am. Ords. 92-38, 97-56)