§ 2-172. Commercial and industrial property rehabilitation incentive program—Definitions  

Latest version.
  • Assessed value means the fair market value of real property as shown on the tax digest of the county.

    Base value means the fair market value of a project as determined by the county's board of tax assessors (BTA) on January 1 of the year in which the rehabilitation or renovation of the project begins.

    Commercial use structure means the selling or providing of goods or services to individuals, firms or corporations; provided that for purposes of this program, mixed use structures (used for both residential and commercial purposes) constitute commercial use only when the square footage of that portion of the structure used for the sale or provision of goods and services exceeds 50 percent of the total square footage of the structure.

    Corridor study area means a corridor study that has been prepared by county staff for a select area of the county (as depicted in the exhibits to this ordinance contained in the Comprehensive Plan Appendix) and formally adopted by the Cobb County Board of Commissioners. For the purposes of this ordinance, the following are areas that currently qualify as corridor study areas: Atlanta Road, Canton Road, Veterans Memorial Highway including West Corridor, Powers Ferry Road, and Six Flags Drive. These areas can be modified and new areas can be added by action of the Cobb County Board of Commissioners via an official agenda item.

    County means Cobb County, Georgia, a political subdivision of the State of Georgia.

    Development authority means the development authority of Cobb County.

    Exemption amount means a percentage of the ad valorem property taxes resulting from the increase in the fair market value of a commercial or industrial use structure(s) directly attributable to the substantial rehabilitation and/or renovation of the structure as approved by the program.

    Fair market value means the full 100 percent value of a property or portion of property as further defined by Georgia Law (O.C.G.A. § 48-5-2).

    Incremental project value means that portion of the fair market value of the project directly attributable to the rehabilitation and/or renovation of the commercial use structure(s) or industrial structure(s) approved by the program; provided, however, that such fair market value shall be determined in the same manner, and with the same frequency, as other taxable similarly situated commercial and industrial property are determined by the BTA.

    Industrial structure means a structure or part thereof used for manufacturing, processing, or assembling of material or manufactured products, or for research.

    Owner means, for the purposes of this section, all persons or entities holding title (as referenced in the county's official tax records) to taxable real estate interests in commercial use structures or industrial use structures for which an exemption is requested.

    Program means the Cobb County Commercial Property Rehabilitation Incentive Program.

    Project means a commercial rehabilitation project for a commercial use structure or an industrial use structure approved for the Cobb County Commercial Property Rehabilitation Incentive Program by OED, BTA (exemption approval only) and the development authority.

    Single project means for purposes of this ordinance a project consisting of a single tax parcel which may include one or more buildings which is to be substantially rehabilitated or renovated within two years of the issuance of the initial construction permit issued following acceptance to the program.

    Substantially rehabilitated or renovated commercial use structure or industrial use structure means an existing commercial use structure, no less than 20 years of age (calculated from the date in which the original certificate of occupancy was issued), located in a corridor study area or included among those sites listed in the inventory of redevelopment sites (as shown in Exhibits contained in the Comprehensive Plan Appendix and considered a part of this ordinance hereto), where the structure has been substantially rehabilitated or renovated so as to increase the fair market value thereof by not less than 50 percent of the base value as determined by the BTA. Such determination is not appealable. Additional areas or sites may be added to or removed from these exhibits by action of the Cobb County Board of Commissioners via an official agenda item. Renovation/rehabilitation consists of capital improvements and includes, but is not limited to, the installation of improvements to the building (including fixtures or mechanical systems), parking, and public infrastructure. Ordinary upkeep and maintenance shall not be deemed a qualifying improvement for purposes of this program.

(Amd. of 2-24-09; Res. of 10-25-11; Amd. of 2-26-13)


The exhibits referenced above are not set out in this Code, but are available for inspection in the county offices.