(a) In determining the base value and the increased value resulting from substantial rehabilitation of residential real estate, the local assessing official shall employ usual and customary methods of assessing real estate.
(b) If a tax exemption is approved and a property owner (including any subsequent owner) thereafter fails to remain current in the payment of all County taxes and assessments, the property shall be immediately and finally removed from the exemption program.
(c) In any year in which the fair market value of the qualified real estate decreases below the base value, as determined pursuant to this chapter, no credit or refund shall be provided to the owner.
(d) Nothing in this chapter shall be construed as to permit the local assessing official to list upon the Land Book any reduced value due to the exemption.
(e) The exemption specified in this chapter shall not affect any special district taxes or levies within the County. All ad valorem special district taxes or levies shall be computed on the full fair market value of all qualifying property.
(Ord. 01-03. Passed 5-21-01; Ord. 12-16. Passed 12-5-12.)