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 Huron
 Code of Ordinances
 Title 18. BUILDING REGULATIONS
 Chapter 18.44. REDEVELOPMENT NEIGHBORHOODS

  § 18.44.070. Redevelopment Neighborhood discretionary formula.

Latest version.

  • The discretionary formula for reduced taxation of any new residential structure, or any addition to or renovation of any existing structure within a redevelopment neighborhood shall be as follows:

    (1)

    During the first tax year after construction the taxable value shall be 20 percent of the assessed valuation for tax purposes.

    (2)

    During the second tax year after construction the taxable value shall be 40 percent of the assessed valuation tax purposes.

    (3)

    During the third tax year after construction the taxable value shall be 60 percent of the assessed valuation for tax purposes.

    (4)

    During the fourth tax year after construction the taxable value shall be 80 percent of the assessed valuation for tax purposes.

    (5)

    During the fifth tax year after construction the taxable value shall be 100 percent of the assessed valuation for tax purposes.

(Ord. No. 2157-18-71, 3-9-2015; Ord. No. 2185-18-1873, 4-3-2017)