A value-added exemption, to encourage development in urban areas. This exemption is subject to approval of city council or county board of supervisors. Must have increased the value of the property to which added by at least 15%, or 10% for residential property or the percent established by local officials. The percent and the length of time over which the exemption applies varies with schedule adopted by local officials. Application must be filed with the Assessor by February 1st of the year the value is added. An extended filing deadline is provided.
This exemption is under the jurisdiction of the cities, not the county, so any questions need to be directed to the city in which the property is located. Urban Revitalization Exemptions are established and reviewed every 10 years. Interested persons who want to sign up for an Urban Revitalization credit will need to contact the city and then the city will send the forms to the Assessor's Office.