Title
Consider public testimony regarding, and an ordinance granting a partial tax exemption from ad valorem taxes for certain qualified historically significant properties. (First Reading)*
Body
The partial tax exemption program for historically significant properties was created in 1982. The program encourages owners of historic properties to use money saved on taxes to provide regular maintenance and/or repair to their historic structures. With this program, property owners receive a 75% exemption of municipal property taxes.
The Historic Preservation Commission (HPC) is responsible for reviewing applications and recommending to City Council whether a property should receive the exemption for this year. Recommended applications meet program eligibility requirements and the criteria for preservation and maintenance in Section 10-57 (g) of the Code of Ordinances.
On May 16, the HPC recommended that all 51 applications submitted receive the tax exemption this year. Exhibit A of the ordinance shows all applications and the inspection rating that each property received. Consideration of the ordinance by the City Council includes a public hearing.