(A) Pursuant to the provisions of KRS 99.959 to 99.605 and 132.452, the City of Silver Grove establishes a program granting property assessment or reassessment moratoriums for existing residential or commercial facilities. Said moratorium shall be in effect for a period of five years following the date of the issuance of a moratorium certificate. Said program shall be administered by the City Clerk.
(B) Any residential or commercial property owner may apply to Silver Grove City Council for a property assessment or reassessment moratorium certificate. Said application shall be made within 30 days before the commencement of restoration, repair, rehabilitation, or stabilization on a form as prescribed by the Department of Revenue. Said application shall additionally contain or be accompanied by a general description of the property and proposed restoration, repair, rehabilitation, or stabilization as outlined in KRS 99.605(1) and as required by the Mayor. The City Clerk shall maintain a record of all applications for property assessment or reassessment moratorium certificates. Within 30 days after filing of the application, the City Clerk shall have the property valuation administrator reassess the property, or if the property valuation administrator is unavailable, the City Clerk shall enter the most recent tax history valuation from the Campbell County PVA as the value of the property.
(C) Thereafter, the owner shall have two years to complete the restoration, repair, rehabilitation, or stabilization project. After completion of the project, the City Inspector shall issue a moratorium certificate which shall become effective on the assessment date next following the issuance and for a period of five years thereafter. On the assessment date next following the expiration, cancellation or revocation of the moratorium certificate, the property shall be assessed on the basis of its full fair cash value.
(D) Pursuant to KRS 99.600(5) Any property granted a reassessment moratorium may be eligible for a subsequent moratorium certification provided that re-application be made no sooner than three years following the expiration of the original moratorium, or any other moratorium and provided that such property shall otherwise meet the requirements for the reassessment moratorium.
(E) Pursuant to KRS 99.605(5) An assessment or reassessment moratorium certificate may be transferred or assigned by the holder of the certificate to a new owner or lessee of the property.
(Ord. 19-0601, passed 7-17-2019)