(A)   For the purposes of calculation; the property tax of the dwelling, before reconstruction and/or improvements, will remain in effect and be called the base. This base will be established at the time a building permit is acquired for property improvements. Only the increased property tax, due to reconstruction and/or improvements, above the base, shall be rebated.  This base shall remain in effect for the five years of the tax rebate.
   (B)   For illustration purposes only, the city will calculate the rebate as follows:
      Current property value:            $20,000
      City of Lead mill levy:            8.75 (for illustration purposes only)
      Current property tax (base):         = $20,000/1000 x 8.75 = $175
      Improved property value:            $120,000
      Improved property tax:            = $120,000/1000 x 8.75 = $1,050
      Rebate:                  = $1,050 - $175 = $875.00
(Ord. 1057-17, passed 1-2-2018)