§ 11-1-28. PAYMENT OF ADDITIONAL TAXES IF PROPERTY REZONED.

(A)

For each year that a property is granted a tax exemption for an historic designation, the chief appraiser shall make a record of the assessment that would have applied to the property without an historic designation and exemption.

(B)

A property that is rezoned by the council to remove an "H" historic designation is subject to an additional tax equal to the difference between the taxes assessed under this article for the property with an historic designation and the amount of tax that would have been assessed without an historic designation.

(C)

An additional tax resulting from a rezoning under this section may be calculated for the period for which the property received the exemption up to a maximum of five taxable years.

(D)

Additional tax that accrues as a result of a rezoning under this section is:

(1)

due and payable immediately;

(2)

delinquent if not paid on or before the 60th day after the effective date of the re-zoning action; and

(3)

subject to the same penalty and interest that applies to other unpaid taxes.

Source: 1992 Code Section 5-5-26; Ord. 031204-10; Ord. 031211-11; Ord. 20110804-009; Ord. No. 20181101-062 , Pt. 1, 11-12-18.