99.605 Applications for moratorium certificates -- Extensions -- Lapsing of certificates -- Transfers. - Kentucky Statutes

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99.605 Applications for moratorium certificates -- Extensions -- Lapsing of certificates -- Transfers. (1) Any owner of an existing residential building, or any owner or lessee of a commercial facility, may make application to the administering agency for a
property assessment or reassessment moratorium certificate. The application shall
be filed within thirty (30) days before commencing restoration, repair,
rehabilitation, or stabilization and shall be filed in a manner prescribed by the
administering agency and on a form prescribed by the Department of Revenue. The
application shall contain or be accompanied by a general description of the property
and a general description of the proposed use of the property, the general nature and
extent of the restoration, repair, rehabilitation, or stabilization to be undertaken and
a time schedule for undertaking and completing the project. If the property is a
commercial facility, the application shall in addition, be accompanied by a
descriptive list of the fixed building equipment which will be a part of the facility
and a statement of the economic advantages expected from the moratorium,
including expected construction employment. (2) Except as otherwise provided herein, the property valuation administrator, or other assessing official, and the administering agency shall maintain a record of all
applications for a property assessment or reassessment moratorium and shall assess
or reassess the property within thirty (30) days of receipt of the application. The
administering agency shall issue a moratorium certificate only after completion of
the project. The applicant shall notify the administering agency when the project is
complete and the administering agency shall then conduct an on-site inspection of
the property for purposes of verifying improvements. (3) The applicant shall have two (2) years in which to complete the improvement unless granted an extension by the administering agency. In no case shall the application
be extended beyond two (2) additional years. This provision shall not preclude
normal reassessment of the subject property. (4) Any application for an assessment or reassessment moratorium not acted upon by the applicant shall become void two (2) years from the date of application and shall
be purged from the files of the administering agency. (5) An assessment or reassessment moratorium certificate may be transferred or assigned by the holder of the certificate to a new owner or lessee of the property. Effective: June 20, 2005
History: Amended 2005 Ky. Acts ch. 85, sec. 106, effective June 20, 2005. -- Created 1982 Ky. Acts ch. 327, sec. 3, effective July 15, 1982.