Sec. 780.304. - Exemption period.

(a) The exemption period shall be ten years, beginning on January 1 of the year following the year in which final approval of the application is given by the City Council, and the Property Appraiser has been instructed by the Director to provide the Historic Rehabilitation Tax Exemption. The Exemption Period shall continue in force even when the applicant subsequently sells the property to another owner. (b) Property owned by a non-profit or governmental entity exempt from the payment of ad valorem taxes on the date that the application is filed, but subsequently sold to a for-profit owner not exempt from payment of ad valorem taxes, shall be qualifying property for the remaining period of the exemption following the date on which the property has been conveyed or sold to the for-profit owner. (Ord. 94-308-168, § 1) Note— Former § 790.304.