Improvements to mixed-use, commercial and industrial structures are eligible for tax exemption for a period of five years commencing with the completion of all improvements. The Tax Assessor’s full and true value of the improvements shall be regarded as not increasing the value of the property, notwithstanding that the value of the property to which the improvements are made is increased thereby. During the exemption period, the assessment on the property shall not be less than the assessment existing thereon immediately prior to the improvements unless
there is damage to the structure through action of the elements or force majeure sufficient to warrant a reduction.
(Ord. 355-19, passed 10-28-19)