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To encourage new housing construction, or to encourage rehabilitation/improvements of existing housing in the city, a rebate of the city 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 single-family, two-family and multi-family dwellings that are constructed to the standards of city ordinances; or
(2) Any improvements to existing housing that increase the taxable assessment of the property by $5,000, per county assessment.
(C) A city building permit will be required prior to any work commencing on any qualifying property per this subchapter.
(D) The rebate shall be for five years, commencing the year of issuance of building permit.
(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)