(a) Following completion of a new structure or remodeling after the effective date of this chapter, the owner of any real property within the community reinvestment area may file an application for exemption of such new structure or remodeling from real property taxation with the Housing Officer designated pursuant to this section.
(b) The Housing Officer shall verify the construction of the new structure of the cost of the remodeling and the facts asserted in the application. The Housing Officer shall further determine whether the construction or costs of the remodeling meets the requirements for an exemption under Section 199.05 of this chapter. In cases involving a structure of historical or architectural significance, the Housing Officer shall not determine whether the remodeling meets the requirements for tax exemption unless the appropriateness of the remodeling has been certified, in writing, by the society, association, agency, or legislative authority that has designated the structure or by any agency or person authorized, in writing, by such society, association, agency, or legislative authority to certify the appropriateness of the remodeling. If the construction or rendering meets the requirements for exemption, the Housing Officer shall forward the application to the County Auditor with a certification as to the subdivision of Section 199.05 under which the exemption is granted, and the period of the exemption as determined by the City Council pursuant to Section 199.05.
(c) The tax exemption first shall apply in the year following the calendar year in which the certification is made to the County Auditor by the Housing Officer pursuant to this section. If the remodeling qualifies for an exemption, the dollar amount by which the remodeling increased the market value of the structure as certified by the County Auditor shall be exempted from real property taxation for the periods established below. If the construction of a new structure qualifies for exemption, this structure shall not be considered an improvement on the land on which it is located for the purpose of real property taxation for the period specified in this chapter.
(Ord. 1988-44. Passed 6-20-88.)
(Ord. 1988-44. Passed 6-20-88.)