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(1) Applicants who have received a property tax exemption under section 2.912 of this code must reapply each year, following the procedures set forth in section 2.912, no later than March 1 in order to be qualified for property tax exemption for the following tax year.

(2) Applicants for property tax exemption under section 2.912 of this code shall apply for, and may be eligible for property tax exemptions for tax years beginning on or after July 1, 1994, and before July 1, 2014.

(Section 2.916 added by Ordinance No. 19595, enacted February 13, 1989, effective March 15, 1989; amended by Ordinance No. 19854, enacted May 26, 1992; Ordinance 19967, enacted June 13, 1994; and Ordinance No. 20472 enacted April 13, 2011, effective May 15, 2011.)