[Adopted 5-7-2018 by Ord. No. 18-O-08]
As used in this article, the following terms have the meanings
indicated:
A business incentive subclass of real property for purposes of municipal property taxation established by § 482-16.
The period of July 1 through the following June 30.
A.
There
is a subclass of real property for purposes of municipal real property
taxation known as the Business Incentive Subclass I.
B.
The Business
Incentive Subclass I shall have a duration of three years, from July
1, 2019, through June 30, 2022.
C.
The City
Council by ordinance may designate additional business incentive subclasses.
For each additional subclass the City Council shall designate the
criteria for inclusion in that subclass, the duration of that subclass,
and the rate of taxation of real property within that subclass.
A.
The City
Council, as part of the City’s annual budget process, may establish
a municipal property tax rate to be levied upon all real property
within each subclass for the ensuing tax year. This property tax rate
shall be uniform for all properties within each subclass. Unless otherwise
specified by the City Council:
(1)
In
the first year of a subclass the tax rate for properties within the
subclass shall be 1% of the rate of taxation established for real
property that is not included in any subclass.
(2)
In
the second year of a subclass the tax rate for properties within the
subclass shall be 50% of the rate of taxation established for real
property that is not included in any subclass.
(3)
In
the third year of a subclass the tax rate for properties within the
subclass shall be 75% of the rate of taxation established for real
property that is not included in any subclass.
B.
In any
tax year for which the City Council establishes a property tax rate
to be levied upon all properties within a subclass, all properties
in the subclass shall be taxed at that rate.
C.
For purposes
of municipal property taxation, the tax rate shall be applied to the
same assessments of real properties in the subclass as are used for
state and county taxation.
A.
The Business
Incentive I Subclass consists of improved real property located in
the TOD zoning district that meets one or more of the following criteria,
makes a minimum capital investment of $25,000, and seeks inclusion
in this subclass:
[Amended 8-20-2018 by Ord. No. 18-O-24]
(1)
Improvements
on the property are a freestanding building used for retail, restaurant
or professional office purposes.
(2)
The
improvements on the property are occupied by a commercial or professional
office use after the property has been vacant for at least two consecutive
years immediately prior to the current occupancy.
(3)
The
rehabilitation of improvements on the property to meet current code
requirements and subsequent occupancy of the improvements remove the
property from a blighted condition.
(4)
The
improvements on the property are used to provide a needed public service
to residents of the City as determined by the City Council.
B.
The City
Council shall establish the eligibility criteria for other subclasses
that the Council creates.
C.
In order
for an improved property to be included in a subclass for purposes
of municipal property taxation in the ensuing tax year:
(1)
The
owner of the property must file each year an application for inclusion
in the subclass. The application must be filed with the City Manager
not later than the preceding April 1 or by such other earlier deadline
as may be established by the City Manager. The application must be
submitted on a form prescribed by the City Manager. The City Manager
may require an applicant to submit documents necessary to support
the application.
