Details
| HF 690 is designed to assist urban revitalization by authorizing a property tax exemption for vacant commercial property. Creates new Code section 404.3C that establishes a property tax exemption for qualified real estate that is assessed as commercial property, remained vacant for a period of six consecutive months, and which meets at least one of the following conditions: regularly attracts unauthorized residential use, unlicensed transient business, unauthorized disposal of trash, or unauthorized parking; the assessed value has declined during the period of time when vacant; and that the property is determined to contain one or more specified nuisances. |
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