§ 12-36. Disposition of revenues derived from expiration of partial exemptions from real estate taxation and from certain sales of tax delinquent properties.

(a)

Beginning July 1, 2015, when payments are made to the City of real estate taxes arising from the full taxation of formerly partially exempt real estate due to the expiration of such partial exemptions in accordance with former Sections 98-132, 98-135 and 98-138 of the 2004 Code, on an annual basis, the Director of Finance shall credit up to $1,000,000.00 of the difference between the full taxation amount and the partial exemption amount as of the date of such expiration to the Affordable Housing Trust Fund established by Section 16-51 each year after such expiration. On an annual basis, by no later than May 1 of each year, the City Assessor shall provide the Council with the projected amount of real estate taxes arising from the full taxation of formerly partially exempt real estate due to the expiration of such partial exemptions in accordance with former Sections 98-132, 98-135 and 98-138 of the 2004 Code.

(b)

Beginning July 1, 2019, and subject to appropriations by the City Council, the Director of Finance shall credit to the Affordable Housing Trust Fund established by Section 16-51 up to $1,000,000.00 of all proceeds from the sale of tax delinquent properties through the program administered by the Office of the City Attorney that remain after all costs of administering such program have been paid.

(Code 2004, § 42-45; Ord. No. 2014-125-143, § 1, 9-8-2014; Ord. No. 2018-238, § 1, 2-11-2019)

(Code 2004, § 42-45; Ord. No. 2014-125-143, § 1, 9-8-2014; Ord. No. 2018-238, § 1, 2-11-2019)