The City has partial exemption from taxation for rehabilitated, renovated or replaced real estate. The property has to be located within the B-1 Central Business District. The partial exemption from taxation shall commence on July 1 of the year following the final inspection and shall run with the real estate for a period of no longer than five years. The exemption is equal to the difference between the assessed base value established at the initial inspection before the rehabilitation, renovation or replacement and the final assessed value.
