8.08.010 General purposes of exemptions.
A. Private Economic Growth. Private economic growth, the addition of new jobs within the community, and enhancing the economic opportunities of the community are important current and long-term objectives of the community. The granting of property tax exemptions is one of the tools available under state law to secure these public objectives.
B. Educational, Recreational, Cultural and Social Opportunities. The depth and variety of educational, recreational, cultural and social opportunities are important current and long-term objectives of the community. The granting of property tax exemptions is one of the tools available under state law to secure these public objectives.
C. Deteriorated Property. Substantial rehabilitation, renovations, and other improvements of deteriorated properties are important current and long-term objectives of the community. The granting of property tax exemptions and deferrals is one of the tools available under state law to secure these public objectives.
D. The Assembly may exempt certain property used for economic development purposes from real property taxes for a maximum of 10 years. The Assembly may also defer payment of real property taxes on certain property used for economic development purposes for a maximum of five years.
E. The Assembly may exempt certain deteriorated property from real property taxes for a maximum of 10 years. The Assembly may also defer payment of real property taxes on certain deteriorated property for a maximum of five years.
F. The Assembly’s discretionary authority to grant exemptions and defer taxes is subject to the limitations of this chapter and Chapter 8.12 FNSBC, and any applicable state or federal laws.
G. Applicability. Any tax exemption or deferral granted for real property under this chapter and Chapter 8.12 FNSBC shall only apply to the Borough’s areawide assessments.
H. Assembly Latitude. The Assembly may:
1. Require the owners of any property for which an exemption and/or deferral is requested to provide certain information;
2. Require owners of property to pay property taxes on a percentage of assessed valuation, a fixed property tax payment of any amount, or any other fraction of property taxes that would otherwise be due to the Borough; and/or
3. Require the payment of initial application and annual review fees reasonably necessary to cover the costs of administration. (Ord. 2022-11 § 3, 2022; Ord. 2017-16 § 2, 2017; Ord. 2005-62 § 2, 2005; Ord. 2005-23 § 2, 2005. 2004 Code § 3.10.010.)