§ 6.04.130. Property tax credit—Installation of fire sprinklers.

A.

A taxpayer may receive a one-time property tax credit against the general City property tax for an existing residential structure he or she owns in which a fire sprinkler system is legally required to be installed, if an approved fire sprinkler system is installed on or after July 1, 2009.

B.

For an existing residential structure where a sprinkler system is installed, the taxpayer shall receive a one-time credit for up to the total amount of the property tax to be paid in the year the system is installed. If the cost of the sprinkler system is less than the total amount of property tax to be paid in the year the system is installed, the taxpayer is only eligible for a one-time credit that shall not exceed the cost of the sprinkler system installed.

C.

The Department of Finance shall administer this credit and include with each residential property tax bill a notice of the availability of the credit and where the taxpayer may obtain more information.

D.

A taxpayer must apply for the tax credit during the year the sprinkler system is installed to receive the credit in the current or following tax year. The taxpayer must:

1.

Show that the installed sprinkler system complies with standards established by the State Fire Prevention Commission and any applicable City and County building and fire safety codes;

2.

Provide documentation of the cost to the taxpayer for installation of the sprinkler system.

E.

The Finance Director shall report annually to the City Council on the application of this tax credit.

(Prior code § 2-11)

(Ord. No. O-16-09, § I, 7-27-2009)