Within the Community Reinvestment Area, for residential property the increase in the assessed valuation resulting from the improvements as described in Ohio R.C. 3735.67 shall be granted upon proper application by the property owner and certification thereof by the designated Housing Officer as indicated below. All residential projects must be attached to the primary dwelling in order to qualify for the exemption. Residential remodeling applications must be accompanied by expense receipts no more than one (1) year old that meet the cost requirement specified in this section. Residential applications on new construction projects must be filed with the Housing Officer no later than six (6) months after conclusion of the construction. Remodeling or new construction begun after September 4, 2008, the effective date of Ordinance 2008 - 105, and prior to the adoption of this section are only eligible for exemption under Ordinance 2008 - 105. (Ord. 2012-100. Passed 3-12-12.)
(a) Residential with Two or Fewer Housing Units.
(1) With regard to remodeling, the cost must be at least $2,500. For remodeling, the cost of which is between $2,500 and $10,000, 50% of the increased value will be exempted from taxation for 10 years.
(2) With regard to remodeling, the cost of which is between $10,001 and $20,000, 75% of the increased value will be exempted from taxation for 10 years.
(3) With regard to remodeling, the cost of which more than $20,000, 100% of the increased value will be exempted from taxation for 10 years.
(4) With regard to new construction, the cost must be at least $2,500. If so, 50% of the increased value will be exempted from taxation for 5 years, and 25% of the increased value will be exempted for 5 additional years.
(b) Residential with More than Two Housing Units.
(1) With regard to remodeling, the cost must be at least $5,000. For remodeling, the cost of which is between $5,000 and $10,000, 50% of the increased value will be exempted from taxation for 12 years.
(2) With regard to remodeling, the cost of which is between $10,001 and $20,000, 75% of the increased value will be exempted from taxation for 12 years.
(3) With regard to remodeling, the cost of which more than $20,000, 100% of the increased value will be exempted from taxation for 12 years.
(4) With regard to new construction, the cost must be at least $5,000. If so, 50% of the increased value will be exempted from taxation for 5 years, and 25% of the increased value will be exempted for 5 additional years.
(Ord. 2009-104. Passed 5-26-09.)