Residential building lots which are part of a subdivision
plat for residential development which includes infrastructure intended
to be dedicated to the City are exempt from taxation to the extent
of the increased assessed value of such lots resulting from the addition
of such infrastructure.
The duration of the exemption extends from the time
the exemption is granted until the issuance of the certificate of
occupancy, but in no event longer than three years following the granting
of the exemption.
The property must be used as infrastructure on residential
building lots as described above. For purposes of this exemption,
infrastructure is comprised of the following public facilities which
are intended to be dedicated to the City: streets, storm and sanitary
sewers, drainage facilities and any other facilities required by the
municipality to be installed in such residential subdivisions as noted
on the filed plat plan for such residential subdivision.
The exemption applies to the increase in assessed
value of the eligible property resulting from the addition of the
infrastructure and proportionately applied to each lot in the subdivision.
No exemption should be applied to any such lot on which a certificate
of occupancy has been issued.
The exemption available upon satisfaction of the provisions
of the article does not exempt the property from ad valorem levies
and special assessments.
Such exemption shall be granted only upon application
by the owner of the property on a form prescribed by the State Board.
The original of such application shall be filed with the Assessor's
office on or before the taxable status date and not later than one
year from the date of completion of the infrastructure construction,
installation or improvement.