The Tax Assessor is hereby authorized to grant exemptions from taxation to improvements to dwellings more than 20 years old. In determining the value of real property, the Tax Assessor shall regard the first $25,000 in Assessor's full and true value of improvements for each dwelling unit primarily and directly affected by the improvement as not increasing the value of the property for a period of five years, notwithstanding that the value of the property to which the improvements are made is increased thereby. During the exemption period, the assessment on the property shall not be less than the assessment thereon existing immediately prior to the improvements, unless there is damage to the dwelling through action of the elements sufficient to warrant a reduction.
On October 1 of the year following the date of the completion of an improvement, the Assessor shall determine the true taxable value thereof. The amount of tax to be paid for the first full year following completion shall be based on the assessed valuation of the property for the previous year plus any portion of the assessed valuation of the improvement not allowed an exemption pursuant to this article. The property shall continue to be treated in the appropriate manner for each of the five full tax years subsequent to the original determination by the Assessor.
A. 
Applications for exemption may be filed to take initial effect for the first full tax year commencing after the tax year in which this article is adopted[1] and for tax years thereafter.
[1]
Editor's Note: Article adopted 10-15-1996 by Ord. No. 1996-15. Ordinance No. 2012-03, adopted 3-12-2012, readopted and reauthorized this chapter and this ordinance.
B. 
No application for exemption shall be filed for an exemption to take initial effect for the 11th full tax year following the adoption of this article,[2] or any tax year occurring thereafter, unless this article is readopted during the ten-year after initial adoption.
[2]
The year 2007, unless readopted in 2006.
The granting of an exemption shall be recorded and made a permanent part of the official tax records of the Township, which record shall contain a notice of the termination date thereof.