SUBJECT: An Ordinance approving a Significant Historic Structure Tax Exemption for the property located at 308 Main St. 77002.
RECOMMENDATION: (Summary)
That City Council adopt an Ordinance approving a Significant Historic Structure Tax Exemption for the property located at 308 Main St. 77002, which meets the relevant eligibility requirements of Section 44-29 of the Code of Ordinances
SPECIFIC EXPLANATION:
Section 44-29 of the Code of Ordinances authorizes City Council to grant tax relief in the form of an exemption for significant historic structures for the duration of the property’s compliance. The only statutory prerequisite to granting a significant historic structure tax exemption is prior City Council designation of the property as a significant historic structure.
On July 30, 2015, a sworn affidavit for a Historic Structure Tax Exemption was submitted by the owner of the property located at 308 Main St., 77002 which meets the criteria set out in the Code of Ordinances.
Based upon HCAD’s 2015 property valuation and the City’s current ad valorem tax rate, the taxes foregone on the property approximate $2,098 in the first year of the exemption. The duration of the exemption and future foregone taxes shall be for the duration of compliance as a Significant Historic Structure.
Since the property has been designated as Significant Historic Structure, it is recommended that City Council grant the property an exemption from ad valorem taxation.
cc: Marta Crinejo, Agenda Director
Anna Russell, City Secretary
Donna Edmundson, City Attorney
Gary Dzierlenga, Senior Assistant City Attorney