§ 2-29-170. Board revocation.

Should any business granted an exemption pursuant to this article fail to file the annual renewal statement and/or annual report with the board on or before March 1 of each year during the exemption period as required in subsection 2-29-169(2) of this article, fail to continue to meet the definition of a new business or an expansion of an existing business as set forth herein, fail to timely file a written report of change of ownership and/or fail to file a new application upon any other change in the information provided in the original application, and/or fail to fulfill any other representation made to the board during the application process, including the creation and maintenance of the total number of new jobs identified by a business in the application, or otherwise fail to fully and faithfully perform its obligations under a performance agreement, the board, may, upon thirty (30) days' written notice, adopt an ordinance revoking the ad valorem tax exemption or take such other action with respect to the exemption it deems appropriate.

(1)

Notification. Upon revocation, the board shall immediately notify the property appraiser.

(2)

Recover taxes. If it is determined that for any year within the exemption period the owner was not entitled to receive such exemption, the owner of the property shall be subject to the taxes exempted as a result of such failure plus annual interest at the maximum rate allowed by law.

(3)

Reapply. Nothing herein shall prohibit a business from reapplying for an ad valorem tax exemption pursuant to applicable law.

(Ord. No. 14-31, § 3(Exh. A, § 2-29-160), 6-3-14)