[Added 12-27-1989 by Ord. No. 122-1989]
A. The eligible assessed valuation of the property attributable to new residential construction as determined by the assessment agency to be exempted from taxation each year for three years, shall be in accordance with the schedule below: [Amended 7-12-2010 by Ord. No. 32-2010]
Year | Percentage Exempted |
First | 100% |
Second | 100% |
Third | 100% |
After the third year, the exemption shall terminate. | |
B. The exemption from real estate taxes authorized by this Part shall be upon the duly constructed dwelling unit or units 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 in full of all current real estate taxes, together with accrued penalties and/or interest, due to be paid upon the new residential construction 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 new residential construction 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 deny the continued exemption of the real estate taxes upon the new residential construction 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]