[Adopted 12-15-1998 by L.L. No. 16-1998 (Ch. 154, Art. VI, of the 1991 Code)]
A. 
Residential buildings reconstructed, altered or improved for residential purposes subsequent to the effective date of this article shall be exempt from taxation and special ad valorem levies to the extent provided herein.
B. 
Such buildings shall be exempt for a period of one year to the extent of 100% of the increase in assessed value thereof attributable to such reconstruction, alteration or improvement and for an additional period of four years; provided, however, that the extent of such exemption shall be decreased by 20% of the initial exemption each year during such additional period; and provided, further, that such exemption shall be limited to $80,000 in increased market value of the property attributable to such reconstruction, alteration or improvement and any increase in market value greater than such amount shall not be eligible for the exemption pursuant to this section. For the purpose of this section, the market value of the reconstruction, alteration or improvement shall be equal to the increased assessed value attributable to such reconstruction, alteration or improvement divided by the Class 1 ratio in a special assessing unit or the most recently established state equalization rate or special equalization rate in the remainder of the state, except that where the state equalization rate or special equalization rate equals or exceeds 95%, then the increase in assessed value attributable to such reconstruction, alteration or improvement shall equal the market value of such reconstruction, alteration or improvement.
(1) 
No such exemption shall be granted for reconstruction, alterations or improvements unless:
(a) 
Such reconstruction, alteration or improvement was commenced subsequent to the date this article is enacted; and
(b) 
The value of such reconstruction, alteration or improvement exceeds $3,000; and
(c) 
The greater portion, as so determined by square footage, of the building reconstructed, altered or improved is at least five years old.
(2) 
For purposes of this section, the terms "reconstruction," "alteration" and "improvement" shall not include ordinary maintenance and repairs.
C. 
Such exemption shall be granted only upon application by the owner of such building on a form prescribed by the State Board. The original of such application shall be filed with the City Assessor on or before the appropriate taxable status date for our City.
D. 
If the Assessor is satisfied that the applicant is entitled to an exemption pursuant to this section, he or she shall approve the application, and such building shall thereafter be exempt from taxation and special ad valorem levies as herein provided commencing with the assessment roll prepared after the taxable status date referred to in Subsection C of this section. The assessed value of any exemption granted pursuant to this section shall be entered by the Assessor on the portion of the assessment roll provided for property exempt from taxation.
E. 
For the purpose of this section, a "residential building" shall mean any building or structure designed and occupied exclusively for residential purposes by not more than two families.
F. 
In the event that a building granted an exemption pursuant to this section ceases to be used primarily for residential purposes or title thereto is transferred to other than heirs or distributees of the owner, the exemption granted pursuant to this section shall cease.