The text
(a)
For the first five years of the tax stabilization period, the tax assessment on the property that is the subject of an application for a tax stabilization agreement pursuant to the relevant terms of this article shall be the "base tax," which shall have been determined prior to the commencement of the stabilization period by the city tax assessor in the following manner:
(1)
If the site is subject to property taxes prior to the commencement of the stabilization period the assessed valuation at the time of application shall be the basis to determine the tax amount to constitute the "base tax" for the purpose of the tax stabilization agreement.
(2)
If the site is not subject to property taxes prior to the commencement of the stabilization period, the assessor shall determine the property valuation at the site, and the "base tax" shall be based on that valuation.
(b)
As consideration for receiving the benefits provided for in a tax stabilization agreement, the applicant, any successor-in-interest, any owner/lessor and/or lessee/tenant of the property waives and releases any and all rights to appeal or otherwise challenge the base tax assessed value during the five-year base tax period. This waiver shall terminate upon expiration of the five-year base tax period. All rights to appeal or otherwise challenge a tax assessment pursuant to the relevant provisions of the General Laws shall apply upon expiration of the base tax period under any tax stabilization agreement.
(c)
Upon issuance of a certificate of occupancy for the project, the tax assessor shall assess the project, and the project shall thereafter be reassessed according to the city's regular revaluation cycle.
(d)
Property eligible for a tax stabilization under this article shall be taxed pursuant to the following schedule:
Year Tax Abatement
1 Base Tax
2 Base Tax
3 Base Tax
4 Base Tax
5 Base Tax
6 90% of assessed value exempt from tax
7 80% of assessed value exempt from tax
8 70% of assessed value exempt from tax
9 60% of assessed value exempt from tax
10 50% of assessed value exempt from tax
11 40% of assessed value exempt from tax
12 30% of assessed value exempt from tax
13 20% of assessed value exempt from tax
14 10% of assessed value exempt from tax
15 0% of assessed value exempt from tax
In year 15 and thereafter, the development project will be taxed at the then-assessed value and be taxed at the then-normal rate applied by the city.
(Ord. No. O-16-13, § 1, 6-8-16)