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building or structure has been substantially rehabilitated, renovated or replaced, the city assessor shall <br />employ usual and customary methods of assessing real estate and improvements thereon. <br />• (k) No residential real estate which has been determined to qualify for an exemption under this <br />division shall be eligible to submit any application for further tax credits based on subsequent <br />improvements during the pendency of the initial eligibility period. Notwithstanding the foregoing, if <br />residential real estate which has qualified for a tax exemption in accordance with this division is <br />damaged by an occurrence beyond the control of the owner or occupant, and if such residential real <br />estate otherwise is qualified under this division, then the owner may apply for a tax exemption based on <br />the then -present value of the damaged residential real estate, and the qualification for any new tax <br />exemption shall supersede and extinguish any tax exemption that may have been available under the <br />previous qualification. For the purpose of this subdivision, the phrase "an occurrence beyond the control <br />of the owner or occupant' shall refer to an event such as a fire, flood or windstorm that reduces the <br />assessed value of the residential real estate by no less than twenty-five (25) percent. <br />C� <br />J <br />0 <br />(1) This ordinance and its impact on city real property tax revenues shall be reviewed by city <br />council annually, beginning in September, 2005. <br />Approved by Council <br />September 17, 2007 <br />Cl&ckZf City Council <br />