Sec. 16-71. - Authorization to grant; term of exemption.

The tax assessor is hereby authorized to grant an exemption from real property taxation equal to any increase in assessed valuation resulting from alterations and improvements made to existing dwellings used for residential purposes; not to exceed 75 percent of the assessed value of the real property prior to the alterations and improvements. The exemption shall be granted for two years beginning with the tax roll assessed as of the assessment date which immediately follows the completion of the alterations and improvements or which next occurs 18 months after the date of issuance of the building permit for the alterations and improvements, whichever first occurs.

(Ch. 34, § I, 10-20-98)