Real property within the City of Auburn constructed or purchased subsequent to the effective date of this article may be exempt from City real property and special ad valorem levies, subject to and in accordance with the schedule set forth in §
265-40 and conditions outlined in §
265-41.
The exemption would apply to the increase in
assessed value attributable to the construction/reconstruction pursuant
to the following schedule:
Year of Exemption
|
Percentage of Exemption
|
---|
1
|
50%
|
2
|
40%
|
3
|
30%
|
4
|
20%
|
5
|
10%
|
6 or more
|
0%
|
This exemption shall be granted only by application
of the owner(s) of such real property on a form prescribed by the
State Equalization and Assessment Board. The application shall be
filed with the Assessor for the City of Auburn on or before the appropriate
taxable status date for the City of Auburn.
Such exemption shall be granted where the Assessor is satisfied that the applicant is entitled to an exemption pursuant to this article. The Assessor shall approve such application and such real property shall thereafter be exempt from taxation and special ad valorem levies for City real property as provided in the schedule set forth in §
265-40 of this article commencing with the assessment roll prepared on the basis of the taxable date. The Assessor shall enter the assessed value of any taxable real property granted an exemption pursuant to this section on the assessment roll, with the amount of the exemptions shown in a separate column.