The city council may by ordinance approve a tax freeze on both the land and improvements for eligible historic landmarks or land and improvements within designated historic districts, which the city council determines is in need of tax relief to encourage its preservation. The qualifying historic landmark will be taxed on an annual assessed value equal to the assessed value on the tax year immediately before the rehabilitation was commenced. The tax freeze will begin the first day of the first tax year after the completion of the project for which there has been an approved design review, and where the improvements are in accordance with the approved design review.
(1966 Code, sec. 28-30; 2001 Code, sec. 98-126; Ordinance 109-2001, sec. 1, adopted 12/4/01)
To be eligible for a city property tax freeze as provided in this article, the property must be designated a local historic landmark by the city council or be contained within a locally designated historic district and shall meet all of the following conditions:
(1) 
The cost of the rehabilitation project must be:
a. 
For commercial projects or improvements, 50 percent of the assessed valuation of the structure for the year the rehabilitation is to begin or $100,000.00, whichever is less. The tax freeze shall not exceed five years following completion of the rehabilitation project.
b. 
For a single-family residence, 25 percent of the assessed valuation of the structure for the year the rehabilitation is to begin or $50,000.00, whichever is less. The tax freeze shall not exceed eight years following completion of the rehabilitation project.
(2) 
The plans and proposals for the rehabilitation project must be approved by the Landmark Commission.
(3) 
The historic landmark must not have been granted a previous property tax freeze under this article for the restoration or rehabilitation of the historic landmark.
(4) 
The rehabilitation project must begin within six months from the date of design review approval.
(5) 
Should the project receive tax increment finance (TIF) funds, no tax freeze as provided under this article shall be permitted.
(1966 Code, sec. 28-31; 2001 Code, sec. 98-127; Ordinance 109-2001, sec. 1, adopted 12/4/01)
(a) 
Where the city council determines that a historic landmark is totally or partially destroyed or altered by the willful act or negligence of the owner or his representative, the owner shall immediately repay to the city all of the tax revenues that were not paid because of the tax freeze.
(b) 
Where the historic landmark is totally or partially destroyed or altered other than by the willful act or negligence of the owner or his representative, the owner shall, within 60 days, request a demolition permit when reconstruction is not feasible or request a building permit to reconstruct or repair the historic landmark upon receiving approval of the reconstruction or repair plans from the Design Review Commission.
(1966 Code, sec. 28-32; 2001 Code, sec. 98-128)