“Green” redevelopment initative introduced by President Tandy
Thursday April 23, 2009
For Immediate Release:
Louisville Metro Council
Contact: Tony Hyatt 574-4137/526-3622
To honor the observance of Earth Day, Metro Council President David Tandy (D-4) announced the introduction of an ordinance that would save residential and commercial property owners tax money with future qualifying renovations and investments in existing properties.
“This is an initiative that over the long run will not only save money for property owners, but encourage capital investment locally and in the long run, improve the community and our environment,” says Tandy.
The ordinance will allow for a Tax Assessment Moratorium “TAM” if a property owner decides to rehabilitate or renovate with the intention of making Metro Louisville a greener place to live.
It sets several guidelines for receiving a TAM. All existing residential and commercial structures at least 25 years old may qualify for a reassessment moratorium if:
- The costs of the improvements made to the structure to repair, rehabilitate, restore or stabilize it equal at least 25% of the value of the improvements to the property based on the latest assessment made by the Jefferson County Property Valuation Administrator; or
- The qualifying property is within a “target area”, a census tract where at least 70% of the residents living in that tract have income below 80% of the median income for Jefferson County or 20% of the residents living in that tract have incomes below the poverty level, the cost of the improvements must be equal to at least 10% of the value of the improvements to the property based on the latest assessment, or
- The qualifying property will, at the conclusion of the plan of improvement, be a LEED Certified property based on the Leadership in Energy and Environmental Design standards in effect at the time of application.
“I believe these tax assessment moratoriums will be an effective tool to encourage our community to move in the direction of being environmentally aware of our needs in the future,” says Tandy.
For more information about the ordinance, contact President Tandy’s office at 574-1104.
David Tandy (D) 4