§ 86-92. Historic improvement tax exemption.

(a)

Upon application and approval by the city commission, designated historic properties shall be exempt from that portion of ad valorem taxation levied by the city equal to 100 percent of the increase in assessed value, resulting from restoration or rehabilitation as defined in section 86-91 and meeting the criteria of F.S. §§ 196.1997 and 196.1998 and F.A.C. ch. 1A-38. Such improvements must have been made on or after the effective day of this section.

(b)

Ad valorem tax exemptions shall apply only to taxes levied by the city but shall not apply to ad valorem taxes levied for the payment of bonds or to ad valorem taxes authorized by a vote of the electors pursuant to section 9(b) or section 12, Article VII of the Florida State Constitution.

(c)

Any exemption granted under the provisions of this section shall remain in effect for ten years regardless of change in ownership.

(Ord. No. 687, § 1(6A-6, 12-13-1994)