Should there be included in the district property used for residential purposes, including in said term single-family and multiple-unit residential property, regardless of the zoning applicable thereto, the same shall be exempt from the assessments levied hereunder, so long as such property is lawfully used for residential purposes, upon a finding by the Mayor and Common Council that: (1) such property is lawfully used for residential purposes; and (2) such property has adequate off-street parking for the residential uses involved. Each year, at the time of levying the assessment as provided in this Chapter, such findings shall be reviewed, to the end that such exempt property will no longer be exempt and will be assessed: (1) when the use is changed from its exempt residential use; and/or (2) when the property although still devoted to the same use no longer has adequate off-street parking. Should a particular parcel of real property have another use, in addition to the residential use, only the proportionate value thereof attributable to the residential use shall be exempt.
(Ord. 3589, 7-06-76)