Page:United States Statutes at Large Volume 88 Part 1.djvu/1102

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PUBLIC LAW 93-407-SEPT. 3, 1974

[88 STAT.

(b) To be eligible for incentive under this section, historic property must be property designated as an historic landmark and conform to the provisions of subpart E. SUBPART E D.C. Code 47652.

D.C. Code 47653.

D.C. Code 47654.

TAX R E L I E F FOR CERTAIN H I S TO R I C PROPERTIES

SEC. 432. For certain officially designated historic property in the District, the Commissioner shall, in addition to assessing at full market value, assess land and improvement on the basis of current use and structures of the property, which latter assessment, if it is less than full market value, shall be the basis of tax liability to the District. SEC. 433. To be eligible for historic property tax relief, real property must be historic property designated by the Joint Committee on Landmarks of the National Capital Planning Commission and the Commission on Fine Arts, and, in addition, must be approved by the Commissioner under section 434. SEC. 434. The Council may provide that the owners of properties which have been designated historic landmarks by the Joint Committee on Landmarks of the National Capital Planning Commission and the Commission of Fine Arts may enter into agreements with the government of the District of Columbia for periods of at least twenty years which will assure the continued maintenance of historic properties in return for property tax relief. Such a provision shall, as a condition for tax relief, require reasonable assurance that such property will be used and properly maintained and such other conditions as the Council finds to be necessary to encourage the preservation of historic property. The Council shall also provide for the recovery of back taxes, with interest, which would have been due and payable in the absence of the exemption, if the conditions for such exemption are not fulfilled. SUBPART F — T A X DEFERRAL

D.C. Code 47655.

Interest.

SEC. 435. (a) An eligible taxpayer may defer each year any real property tax owed in excess of 110 per centum of his immediately preceding year's real property tax liability. To be eligible for such deferral the taxpayer must— (1) have owned for at least five years the residential real property for which deferral is claimed; (2) certify that the combined household adjusted gross income (for purposes of District income taxes) does not exceed $20,000 in one year; (3) file a written request for deferral on a form prescribed by the Commissioner; (4) certify that such residential real property is the principal place of residence of the taxpayer; (5) certify that the zoning classification of such residential property has not changed in the immediately past fiscal year; (6) certify that increases in the assessed valuation of such residential real property attributable to improvements which increase the intrinsic value of such residential real property are not included in the calculation of the increase in real property tax payable; and (7) certify that the assessment of such residential real property for the immediately previous fiscal year was not the result of an obvious arithmetical error. (b) Taxes deferred under this section shall bear interest compounded annually. The rate of interest which shall be applied in each year shall be the average Treasury bill rate for the preceding twelve months as certified by the Secretary of the Treasury to the Commissioner.

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