§ 24-27. Certain improvements exempt.

(a)

The value of improvements made to buildings, structures or portions thereof in the county by the owner is exempted from ad valorem property taxes by the county and the county school system. The exemption shall not exceed forty (40) percent of the fair market value of the building, structure or portion thereof, as it existed prior to the improvement, exclusive of the value of the land on which it is situated.

(b)

If the improvements are completed by January 1 of any given year, but the final inspection and approval of the improvements as meeting all building code requirements by the county inspectors is issued subsequent to that date in that year, then the exemption shall be for two (2) years from January 1 of the year of such approval. If, however, the improvements are not completed by January 1 of a given year, but are completed prior to the next succeeding January 1, and the above-mentioned final inspection and approval is granted in that same year, then the exemption shall be for two (2) years beginning January 1 following the aforesaid final inspection and approval.

(c)

In this section "improvements" does not include furniture, fixtures, equipment or machinery. The exemption shall be in addition to all other exemptions provided by law.

(d)

The exemptions shall expire at the end of the second year after the effective date of the exemption unless all such exemptions are sooner terminated by action of the board of commissioners; however, when terminated, any such exemption which has been established shall continue until the two-year exemption period has expired. The exemptions shall not become effective until application therefor has been filed in the form approved by action of the board of commissioners. The exemption application must be filed by April 1 of the first year the exemption is applicable.

(Code 1976, § 3-1013)