The following words, terms, and phrases, when used in this article,
shall have the meanings ascribed to them in this section, except where
the context clearly indicates a different meaning:
ADDITION
An increase in the square footage of a qualified structure
that expands the structure's utility.
BASE VALUE
The assessed value of real estate for which an application
has been filed in accordance with this article, as set forth in the
land book on January 1 of the tax year in which the application is
filed.
LINEAR FEET
The shortest distance from one point to another, measured
horizontally in feet, where one foot is equal to 12 inches.
QUALIFIED STRUCTURE
A structure or other improvement that has qualified for rehabilitation,
renovation or replacement in accordance with this article.
REHABILITATION
The process of restoring a qualified structure through:
C.
Renovation and the construction of an addition.
RENOVATION
The process of updating the utility of a qualified structure,
in whole or in part, including, but not limited to, the structure's
partial destruction and rebuilding.
REPLACEMENT
The process of demolishing a qualified structure for which
an application has been filed in accordance with this article and
subsequently replacing such structure by constructing a new structure
on the same real estate upon which the qualified structure was situated.
RESIDENTIAL REAL ESTATE
Land containing a structure or other improvement of four
or fewer units constructed or used for residential purposes in accordance
with this Code and other applicable law.
SQUARE FOOTAGE
The area of a structure or other improvement measured in
square feet.
SUBSTANTIALLY REHABILITATED
A qualified structure's rehabilitation so as to increase
the assessed value over the base value of the qualified structure
by no less than 10% of the base value.