[Adopted 6-13-2000 by L.L. No. 2-2000]
Residential building lots which are part of
a subdivision plat for residential development which includes infrastructure
intended to be dedicated to the municipal corporation or a special
district thereof in accordance with the provisions of this article
shall be exempt from taxation to the extent of the increased assessed
value of such lots resulting from the addition of such infrastructure
for a period until the issuance of a certificate of occupancy, but
in no event longer than three years from granting of the exemption
herein, which certifies that a residence is constructed on a building
lot in such subdivision. Such exemption shall be the value of the
infrastructure proportionately applied to each of the lots in the
subdivision. Upon issuance of the certificate of occupancy but in
no event longer than three years from granting of the exemption herein,
the exemption provided by this subsection shall lapse.
For purposes of this section, infrastructure
shall be comprised of the following public facilities which are intended
to be dedicated to the municipal corporation or a special district
thereof: streets, storm and sanitary sewers, drainage facilities and
any other facilities required by the municipality to be installed
in such residential subdivision as noted on the filed plat plan for
such residential subdivision.
Such exemption shall be granted only upon application
by the owner of the real property on a form prescribed and made available
by the Office of Real Property Services. The applicant shall file
the information as required by the Office of Real Property Services.
The application shall be filed with the Assessor of the appropriate
assessing unit. Such application shall be filed on or before the appropriate
taxable status date of such assessing unit and not later than one
year from the date of completion of such construction, installation
or improvement. On approved subdivision lots in which such infrastructure
has been completed as of the effective date of this article or a school
district resolution providing that the exemption under this article
shall be applicable within its jurisdiction and for which a certificate
of occupancy has not been issued, application shall be made within
one year from the effective date of such article or school district
resolution.
If the Assessor receives an application by the owner of the real property and is satisfied that the applicant is entitled to an exemption pursuant to this article, the Assessor shall approve the application and such real property shall thereafter be exempt from taxation as herein provided commencing with the assessment roll prepared after the taxable status date referred to in § 179-7 of this article. The assessed value of any exemption granted pursuant to this article shall be entered by the Assessor on the assessment roll with the taxable property, with the amount of the exemption entered in a separate column.
