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 repair to their structures, thereby preserving the city's stock of historic buildings. With this program, property owners receive a 75% exemption on their municipal property taxes.
After an inspection of each property by city staff, the Historic Preservation Commission (HPC) reviews applications and makes recommendations to City Council whether a property should receive the exemption for the 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 20, the HPC recommended that 51 of the 52 applications submitted receive the tax exemption this year. The HPC voted to deny the exemption to one property based on noncompliance with inspection item #4 (Paint or other coatings shall be applied at reasonable intervals so as to protect the exterior surfaces of a structure which are subject to decay) and #16 (The property shall be kept in conformance with all city codes) for failure to apply for a Certificate of Appropriateness for a change in exterior material.
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.