Historic resources which are approved for exemption by ordinance pursuant to the provisions of this subchapter shall have the following percentage of assessed improvement value exempt from ad valorem taxes levied by the city:
(A) Level 1. Residential and commercial structures which have obtained an “H”, Historic Landmark Overlay District designation shall be eligible for a one-time exemption of 25% of the assessed improvement value of the structure for a period of ten years.
(B) Level 2.
(1) Residential structures with an “H”, Historic Landmark Overlay District designation shall be eligible for an exemption of up to 100% of the assessed improvement value of the structure for a period of ten years for exterior restorations or repairs that extend the life of the structure amounting to $5,000 or more.
(2) A change in a residential use to a commercial use will result in a reduction of one-half of the awarded exemption for the remaining years in the collection period.
(C) Level 3. Commercial structures with an “H”, Historic Landmark Overlay District designation shall be eligible for an exemption of up to 50% of the assessed improvement value of the structure for a period of ten years for exterior restorations or repairs that extend the life of the structure amounting to $5,000 or more.
(D) Should a property owner receiving a tax exemption under this Subchapter remove the “H” Historic Landmark Overlay District designation, the value received from the exemption must be repaid. No repayment is required if a historic structure is destroyed by fire, storm, or other natural act not due to the property owner's action.
(Ord. OR-2146-19, passed 9-9-19)