All borough property taxes including areawide, non-areawide, solid waste collection district, and service area taxes derived from the increase in assessed value directly attributable to the subdivision of a single parcel of property into three or more parcels and any improvements made to the property necessitated by its subdivision may be deferred for a maximum of five years. This deferral is subject to the following conditions and restrictions:
A. Only parcels that remain vacant and unimproved shall be eligible for the deferral. The deferred value shall be apportioned among the newly created parcels including any remainder parcel based upon the percentage of the new assessed value of each parcel divided by the new assessed value of the subdivided area including the remainder parcel, if any.
C. The deferral shall only apply to property subdivided as the result of a preliminary plat application filed on or after July 1, 2012.
D. A signed application on a form approved by the assessor must be submitted prior to April 1st of each year a deferral is requested. The applicant must provide all relevant information and documents requested by the department.
E. The amount deferred each year is a lien on that property for that year. Lien recording costs shall be submitted with the application.
F. The deferral shall terminate for each parcel when the parcel’s ownership is transferred, the parcel is no longer vacant and unimproved, or taxes have been deferred for the maximum five-year period. When the deferral terminates the deferred tax amounts shall be paid within 30 days of written notice. The assessor shall sign a notarized release of lien upon payment of the deferred amounts but shall not be responsible for recording the release.
G. “Deferred value” for purposes of this section is the increase in assessed value, if any, which is directly attributable to the subdivision of a single parcel of property into three or more parcels and any improvements required by FNSBC Title 17.
H. “Assessed value” for purposes of this section is the full and true value as of January 1st after recording of the final plat and before application of any other exemptions and/or deferrals. (Ord. 2012-51 § 2, 2012. 2004 Code § 3.08.032.)