A tax exemption shall be granted subject to the following provisions:
(a) The title of the property for which an exemption is claimed is held, or partially held, on the first day of the taxable year by the person claiming the exemption, whether or not such person initially performed the rehabilitation. The exemption may be claimed annually for a period of up to ten years.
(b) Any real estate shall be deemed to be substantially rehabilitated for residential use when a structure, which is not less than twenty-five years of age, has been improved so as to increase the assessed value of such structure by not less than forty percent, without increasing the total square footage of such structure by more than fifteen percent.
(c) No property shall be eligible for such exemption unless the appropriate building permits have been acquired and the Commissioner of the Revenue has verified that the rehabilitation indicated on the application has been completed.
(Ord. 84-01. Passed 1-17-84; Ord. 01-03. Passed 5-21-01.)