ORDINANCE NO. _____________, SERIES 2020
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AN ORDINANCE AMENDING THE LOUISVILLE METRO CODE OF ORDINANCES ("LMCO") SECTIONS 154.02, 154.03, AND 154.04(B), AND 154.05 RELATING TO PROPERTY ASSESSMENT AND REASSESSMENT MORATORIUM PROGRAMS (AS AMENDED).
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SPONSORED BY: COUNCIL PRESIDENT JAMES AND COUNCIL MEMBERS DORSEY, PURVIS, GREEN, MULVIHILL, SEXTON SMITH, AND YATES
WHEREAS, Louisville/Jefferson County Metro Government Code of Ordinances (hereinafter "LMCO") Chapter 154, Property Assessment and Reassessment Moratorium Programs, was adopted on June 28, 1983 pursuant to Ord. No. 10-1983 and amended by Ord. No. 114-2007, effective July 2, 2007;
WHEREAS, pursuant to KRS 99.595 through KRS 99.605 and KRS 132.452, the Metro Council (hereinafter "Council") established a property assessment and reassessment moratorium program (hereinafter the "Program") to encourage property owners to make improvements to qualifying structures located in Louisville Metro by providing a five (5) year moratorium on a portion of the local tax assessment that would result from the improvements;
WHEREAS, the Council finds that LMCO Chapter 154 should be amended to permit partnership agreements with other local taxing authorities, subject to state law, regarding a five (5) year moratorium on a portion of the tax assessment that would result from the improvement of qualifying structures subject to their taxing authority;
WHEREAS, the Council finds that the geographic scope set forth in LMCO ? 154.02(B) should be amended to include "Qualified Census Tracts" (QCT) designated by the United States Department of Housing and Urban Development;
WHEREAS, the Council finds that LMCO ? 154.02(C), relating to the costs of the improvements that may be made to a structure for the purpose of repair, rehabilitation, restoration, or stabilization under the Program, should be amended to (1) permit a minimum value equal to at least 5% of the value of the improvements to ...
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