To encourage new construction, or to encourage rehabilitation/improvements of existing buildings in the city, a rebate of the City of Lead municipal real property tax, attributable to the increase in assessed value of the property due to any new construction or improvements made to the structure, is hereby established. The program for the property tax rebate is subject to the following provisions:
(A) The property tax rebate will be available for all properties throughout the city.
(B) The property tax rebate will apply to:
(1) Any newly constructed residential or commercial buildings that are constructed to the standards of City of Lead ordinances; or
(2) Any improvements to existing residential or commercial buildings that increase the taxable assessment of the property by $5,000 per county assessment.
(C) (1) A City of Lead building permit will be required prior to any work commencing on any qualifying property per this subchapter.
(2) The City of Lead Building Inspector will be required to provide a copy of this subchapter to the owner of the qualifying property at the time the building permit is issued.
(D) The rebate shall be for five years, commencing in the year when the increase in assessment is applied by the county.
(E) This rebate is transferable to any subsequent property owner, but the five year term of the rebate will not change.
(Ord. 1057-17, passed 1-2-2018; Ord. 1073-20, passed 7-20-2020)