The property at 603 East Ridgewood Street named Samsara received approval by City Council for a a Historic Preservation Property Tax Exemption Resolution and Covenant. Due to its age, location in the district, and the type of rehabilitation, the building meets the requirements of Section 196.1997 of the Florida Statutes.
The exemption allows the owner, Jeffrey Van Hook and Cheryl Rae Van Hook, to be exempt from a portion of ad valorem taxation levied by the City on 100% of the increase in assessed value resulting from the qualifying improvement project during the 10-year exemption period.
The exemption period will run from January 1, 2018 to December 31, 2027.
A recorded covenant requires that the property owner maintain and repair the property so as to preserve its character and integrity during the exemption period.
A recorded covenant requires that the property owner maintain and repair the property so as to preserve its character and integrity during the exemption period.
The building is a 5-unit condo. Each condo is three stories tall with a ground floor garage.
The owners of the property have renovated the building and completed a qualifying improvement project to a contributing structure within a historic preservation overlay district in accordance with Chapter 65, Part 8; Tax Exemption for Rehabilitation of Historic Landmarks and Properties in HP Overlay districts.
The City authorized a process for Historic Preservation Tax Exemption in 1994 for property owners who substantially improve their historic properties. This exemption is allowed pursuant to Section 196.1997 of the Florida Statutes.
The exemption was initiated to implement Objective 1.4 of the Historic Preservation Element of the GMP, which requires the City to provide incentives for the redevelopment of historic properties.
The owners of the property have renovated the building and completed a qualifying improvement project to a contributing structure within a historic preservation overlay district in accordance with Chapter 65, Part 8; Tax Exemption for Rehabilitation of Historic Landmarks and Properties in HP Overlay districts.
The City authorized a process for Historic Preservation Tax Exemption in 1994 for property owners who substantially improve their historic properties. This exemption is allowed pursuant to Section 196.1997 of the Florida Statutes.
The exemption was initiated to implement Objective 1.4 of the Historic Preservation Element of the GMP, which requires the City to provide incentives for the redevelopment of historic properties.
