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File #: O-003-20    Version: Name:
Type: Ordinance Status: Passed
File created: 1/6/2020 In control: Metro Council
On agenda: 3/19/2020 Final action: 3/19/2020
Title: 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).
Sponsors: David James (D-6), Barbara Sexton Smith (D-4), Keisha Dorsey (D-3), Donna L. Purvis (D-5), Jessica Green (D-1), Pat Mulvihill (D-10), David Yates (D-25)
Attachments: 1. O-003-20 V.2 CAM 031020 - Property Assessment Moratorium.pdf, 2. O-003-20 PROPOSED CAM 031020 Amending LMCO 154 Regarding Property Assessment and Reassessment Moratorium Programs.pdf, 3. O-003-20 V.1 010920 Amending LMCO 154 Regarding Property Assessment and Reassessment Moratorium Programs.pdf, 4. O-003-20 V.1 010920 ATTACH Exhibit A.pdf, 5. Tax Moratorium - Revised Ordinance Summary - January 2020.pdf, 6. ORD 045 2020.pdf
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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