Term of exemption

Any exemption granted shall remain in effect for up to ten years with the effective date being October 1, of the year that the applicant and the city have entered into the exemption covenant, and following the county property appraiser's formal evaluation of the completed improvements, and their subsequent valuation. The city commission shall have the discretion to set a lesser term for the duration of the exemption. The exemption shall continue in force if the authority of the city to grant exemptions changes or if ownership of the property changes, including any change from a tax exempt entity to a tax paying entity except as set forth in section 23-10. In order to retain an exemption the historic character of the property, and improvements that qualify the property for an exemption, must be maintained in the historic state over the period for which the exemption was granted.

(Ord. No. 12927, § 2, 6-14-07)

DIVISION 2. - APPLICATION PROCESS FOR EXEMPTION