The Leitchfield City Council on Monday night voted to approve an ordinance intended to lower housing costs and encourage economic development.
The council heard the second and final reading of the proposed Property Assessment and Reassessment Moratorium Program.
The program is for “existing residential or commercial structures at least 25-years-old (that) may qualify for a reassessment moratorium if the cost of the improvements made to the structure to repair, rehabilitate, restore, or stabilize are equal to at least 25 percent of the value of the improvements on the property based on the latest assessment made by the Grayson County Property Valuation Administrator (PVA),” the ordinance states.
Applications will reviewed by the city of Leitchfield Code Enforcement Department and forwarded to the Grayson County PVA to complete the inspection phase of the assessment process, according to the ordinance.
Applications must be presented at least 30 days prior to work beginning on the property.
Successful applicants have two years to complete improvements to the property unless an extension is granted by the Leitchfield Code Enforcement Department.
Once improvements are complete, a Code Enforcement Officer will conduct an on-site inspection to ensure the improvements declared on the application have been completed.
If granted a property tax moratorium, it will be in effect for five years. Moratorium certificates are transferable.
The council unanimously approved the ordinance.
By Ken Howlett, News Director
Contact Ken at ken@k105.com
