Sec. 16-104. - Exemption termination/transfer.

(a)

The exemption will continue as long as the property remains owner-occupied and deed restricted for low or moderate income housing in full compliance with the eligibility criteria as set forth in section 16-102. Failure to maintain compliance shall result in immediate termination of the exemption and subject live/work property to its full property tax liability by using the commercial tax rate to the entire unit.

(b)

Upon transfer of ownership of the live/work space, the exemption shall automatically terminate. The new owner must submit a new application and meet all eligibility criteria outlined in this ordinance to qualify for the exemption. Failure to do so will result in the assessment of the live/work space unit at the full commercial tax rate.