§ 62-201. Partial exemptions for real estate taxation.

Certain real property within the town shall be partially exempt from real estate taxes upon the following terms and conditions:

(1)

The partial exemption shall apply only to rehabilitated, renovated or replaced commercial, industrial and residential structures that have been rehabilitated, renovated or replaced, and such exemption shall be in effect for a period of ten years.

(2)

The partial exemption shall only apply to commercial or industrial structures that are not less than 20 years old, to residential structures that are not less than 15 years old, or where the commercial or industrial structures have been substantially rehabilitated by complete replacement for commercial or industrial use and where the total square footage of the replacement structure does not exceed 15 percent of the total square footage of the replaced structure, and where the structures are located in the First Street District which boundaries are: First Street between Maryland Avenue and Railroad Avenue; Railroad Avenue between First Street and Second Street; Maryland Avenue between the Norfolk Southern railroad underpass to Second Street; Pennsylvania Avenue between First Street and Second Street and Virginia Avenue between First Street and Third Street and Second Street from Maryland Avenue to Railroad Avenue.

(3)

The amount of the exemption shall not exceed an amount equal to 40 percent of the cost of the rehabilitation, renovation or replacement.

(4)

The exemption shall commence on January 1 of the year following the rehabilitation, renovation or replacement and shall run with the real estate for a period of no longer than ten years.

(5)

Nothing in this section shall be construed as to permit the commissioner of the revenue to list upon the land book any reduced value due to the exemption herein provided.

(6)

No property shall be eligible for such exemption unless the appropriate permits including building and demolition permits have been obtained and the commissioner of the revenue or assessing officer has verified that the rehabilitation, renovation or replacement indicated on the application has been completed.

(7)

Where rehabilitation is achieved through demolition and replacement of an existing structure, the exemption shall not apply when any structure demolished is a registered state landmark or is determined by the department of historic resources to contribute to the significance of a registered historic landmark.

(Ord. of 12-11-2001)

(Ord. of 12-11-2001)