The building must be at least 40 years old.
Residential rehabilitation must increase the base assessed value by at least
40%, with less than 15% structural addition.
Commercial and industrial rehabilitation must increase the base assessed
value by at least 60%, with less than 15% structural addition.
The owner or agent must file application, along with the $50.00
application fee, with the City Assessor within 10 days after obtaining building
permits to perform the rehabilitation. (Important: Please make check payable to City
The exemption period is 5 years.
The amount to be exempted is determined each year by the City Assessor, based
on a comparison of the previous and current years’ assessments.
EXCEPTIONS FOR ENTERPRISE AND EMPOWERMENT ZONES
Commercial or industrial building must be at least 25 years old.
The exemption period is 10 years.
Residential properties in these zones are under the city-wide guidelines.