(a) All new qualifying Midtown Mixed-Use structures or additions, which have a full and true value of $500,000 or more, added to real property, shall be taxed pursuant to the following formula during the six tax years subsequent to the completion of their construction:
(1) The full and true value of the structure shall be determined in the usual manner by the director of equalization;
(2) For the first and second tax years following construction, 25% of the taxable value shall be used for taxation purposes;
(3) For the third and fourth tax year following construction, 50% of the taxable value shall be used for taxation purposes;
(4) For the fifth and sixth tax year following construction, 75% of the taxable value shall be used for taxation purposes; and
(b) The taxable value of the structures or additions, during any of the seven tax years subsequent to the completion of their construction may not be less than their taxable value in the year preceding the first year of the tax years following construction.
(c) For the seventh and all subsequent tax years following construction, the structures or additions, shall be taxed in the same manner as all other similar commercial residential property within the city.
(d) Any structures or additions, the construction of which is only partially completed on any assessment date, shall be assessed for taxation purposes in the usual manner.
(e) The new construction tax incentive shall be discontinued if the project use changes to a nonqualifying use during the seven-year period so that it would be ineligible under the new use.
(Ord. 40-24, passed 5-14-24)