[Adopted 5-3-2005 by L.L. No. 2-2005]
A. 
Residential building lots which are part of a subdivision plat for residential development which includes infrastructure intended to be dedicated to the City are exempt from taxation to the extent of the increased assessed value of such lots resulting from the addition of such infrastructure.
B. 
The duration of the exemption extends from the time the exemption is granted until the issuance of the certificate of occupancy, but in no event longer than three years following the granting of the exemption.
C. 
To be eligible, the property must be owned by a private individual or organization.
D. 
The property must be used as infrastructure on residential building lots as described above. For purposes of this exemption, infrastructure is comprised of the following public facilities which are intended to be dedicated to the City: streets, storm and sanitary sewers, drainage facilities and any other facilities required by the municipality to be installed in such residential subdivisions as noted on the filed plat plan for such residential subdivision.
E. 
The owner of the subdivision must file a subdivision plat which shows the facilities which comprise the infrastructure eligible for this exemption.
F. 
The exemption applies to the increase in assessed value of the eligible property resulting from the addition of the infrastructure and proportionately applied to each lot in the subdivision. No exemption should be applied to any such lot on which a certificate of occupancy has been issued.
G. 
The exemption available upon satisfaction of the provisions of the article does not exempt the property from ad valorem levies and special assessments.
H. 
Such exemption shall be granted only upon application by the owner of the property on a form prescribed by the State Board. The original of such application shall be filed with the Assessor's office on or before the taxable status date and not later than one year from the date of completion of the infrastructure construction, installation or improvement.