Title
Consider public testimony regarding, and an ordinance granting a partial 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 whether a property should receive the exemption. On May 19, the HPC recommended that all 48 properties for which applications were submitted receive the tax exemption this year. The HPC determined the recommended applications meet the criteria for preservation and maintenance in Section 10-57 (g) of the Code of Ordinances. Consideration of the ordinance by the City Council includes a public hearing.