§ 11-1-81. RESIDENTIAL ABATEMENT PROGRAM.

(A)

An abatement under this section may be granted only once within a 10 year period for the same property.

(B)

To be eligible for an abatement:

(1)

a property must be owner-occupied;

(2)

a property must be a contributing structure or a potentially contributing structure, but may not be a historic landmark;

(3)

the cost of restoration that is completed must be at least 25 percent of the pre-restoration value, excluding the value of the land;

(4)

at least five percent of the pre-restoration value must be spent on improvements to the exterior of the property; and

(5)

the improvements must comply with the historic area (HD) combining district preservation plan.

(C)

An abatement under this section is equal to the taxes assessed on the added value of the property over the pre-restoration value.

(D)

An abatement begins the first day of the first tax year after verification and has a duration of seven years.

Source: Ord. 041202-16.