(a) For the purposes of this chapter, all residential structures composed of more than four units are classified as commercial, including apartment and condominium units and townhouses.
(b) If remodeling qualified for an exemption, during the period of the exemption, the exempted percentage of the dollar amount of the increase in market value of the structure shall be exempt from real property taxation. If new construction qualifies for an exemption, the exempted percentage of the structure shall not be considered to be an improvement on the land on which it is located for the purpose of real property of real property taxation.
(Ord. 2016-2. Passed 2-8-16.)