§ 2-181.6. Decreased rate of taxation to be applied after successful remedial action or improvement of blighted property.

(a)

Real property which has had its designation as maintained in a blighted condition removed by the public officer, as provided in section 2-181.4 of this article, shall be eligible for a decrease in the rate of county ad valorem taxation by applying a factor of 0.2 to the county millage rate applied to the property, so that such property shall be taxed at a lower millage rate than the millage rate generally applied in the county or otherwise provided by general law; such decreased rate of taxation shall be applied beginning with the next tax bill rendered following removal of official designation of a real property as blighted. The decreased rate of taxation may be given in successive years, depending on the amount of cost expended by the person(s) chargeable with payment of ad valorem taxes on the property to satisfy its remediation or redevelopment, with every $25,000.00 or portion thereof equaling one year of tax reduction; provided, however, that no property shall be entitled to reduction in county ad valorem taxes for more than two successive years.

(b)

In order to claim entitlement for a decreased rate of taxation, the person(s) chargeable with payment of ad valorem taxes on the property shall submit a notarized affidavit to the public officer, supported by receipts or other evidence of payment, of the amount expended.

(Amd. of 7-25-17)