[Amended 12-27-1989 by Ord. No. 122-1989]
A. The portion of the assessment of a property attributable to improvements as determined by the assessment agency to be exempted from taxation each year for 10 years shall be in accordance with the schedule below: [Amended 7-12-2010 by Ord. No. 32-2010]
Year | Percentage Exempted |
First | 100% |
Second | 80% |
Third | 60% |
Fourth | 40% |
Fifth | 20% |
B. The exemption from real estate taxes authorized by this Part shall be upon the property exempted and shall not terminate upon the sale or exchange of the property.
C. The exemption from real estate taxes authorized by this Part shall terminate irrevocably upon default in the payment of current real estate taxes, together with accrued penalties and/or interest, due to be paid upon the deteriorated property exempted. For purposes of this Part, a default shall be considered to have occurred if such payment is not made in accordance with the tax bill issued upon the deteriorated property on or before February 15 of the year following the year in which such tax bill is issued. The provisions of this section shall apply prospectively only to terminate the continued exemption of the real estate taxes upon the deteriorated property commencing with the first fiscal year following the year for which the tax bill was issued upon which the default occurred. [Amended 12-6-1995 by Ord. No. 124-1995]