Tax Exemptions for Historic Buildings on Fast Track

Tax relief for owners of historic buildings many become law even before Thanksgiving Day, based on Ordinance 414, approved of on first reading by the Cedar Key Commission October 17. Upon the suggestion of Stanley Bair, co-owner of the historic Island Hotel, and under agenda item "Administrative Issues", a thirteen page draft ordinance was given first reading and unanimously approved.

Ordinance 414 provides for ad valorum tax reductions of 100 percent for all improvements which result in restoration, 100 percent if the building is used for non-profit or government functions, or 50 percent if the use is commercial or non-profit. The key requirement is a building's designation as an historic structure.

The speed of action on Ordinance 414 was so that a second and final reading can be made at the November 14 Commission meeting and prior to a December 1 deadline for submission to the Levy County Property Assessor's office.

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