(a) The owner of substantially rehabilitated residential real estate improved with:
(1) A single family detached structure shall be entitled to a partial exemption from the general real estate tax otherwise due on the fair market value of such property when a structure which is more than twenty years old on the date of application has been improved by renovation, repair or replacement so that the assessed value of the improved structure is increased by no less than fifteen percent over its base value, but without increasing the total square footage of the structure by more than thirty percent.
(2) A townhouse or duplex structure shall be entitled to a partial exemption from the general real estate tax otherwise due on the fair market value of such property when a structure which is more than twenty years old on the date of application has been improved by renovation, repair or replacement so that the assessed value of the improved structure is increased by no less than ten percent over its base value, but without increasing the total square footage of the structure by more than thirty percent.
(3) A condominium unit shall be entitled to a partial exemption from the general real estate tax otherwise due on the fair market value of such property when a structure which is more than fifteen years old on the date of application has been improved by renovation, repair or replacement so that the assessed value of the improved structure is increased by no less than five percent over its base value, but without increasing the total square footage of the structure by more than thirty percent.
(b) The amount of the exemption shall be:
(1) For a single family detached structure, a townhouse or a duplex, an amount equal to the increase in assessed value attributable to the substantial rehabilitation, renovation or replacement of the property as defined herein and as determined by the County Assessor.
(2) For a condominium unit, an amount equal to fifty percent of the cost of the rehabilitation or renovation as determined by the County Assessor.
(c) An increase in assessment occurring after the first year such rehabilitation exemption is in effect shall not result in an increase in the exemption.
(d) The tax exemption for substantially rehabilitated residential real estate shall be effective on January 1 of the year following completion of such rehabilitation. The exemption shall be a credit against real estate taxes and shall run with the land for a period of fifteen years, provided that the provisions of Section 870.07(b)(4) and (5) are met for each year.
(Ord. 01-03. Passed 5-21-01.)