Improvements to mixed-use, commercial and industrial structures, that do not enlarge the existing structure as defined in § 66-5, are eligible for tax exemption/tax abatement for a period of five years commencing with the completion of all improvements. The Assessor's full and true value of the alterations must be a minimum value of $75,000. The Assessor's full and true value of the improvement shall be regarded as not increasing the value of the property, notwithstanding that the value of the property to which the improvements are made is increased thereby. During the exemption/abated period, the assessment on the property shall not be less than the assessment existing thereon immediately prior to the improvements unless there is damage to the structure through action of the elements or force majeure sufficient to warrant a reduction.
Applicants for projects shall follow the application procedures
as set forth in this chapter.
An additional improvement or construction completed on a property
granted a previous exemption or abatement during the period in which
such previous exemption or abatement is in effect shall be qualified
for an exemption and/or abatement just as if such property had not
received a previous exemption or abatement. In such case, the application
procedures as set forth in this chapter shall be followed. The additional
improvements or construction shall be considered as separate for the
purposes of calculating exemptions and abatements, except that the
assessed value of any previous improvement or construction shall be
added to the assessed valuation of the property from which any additional
abatement is to be subtracted.
