Title
Ordinance - Third and Final Reading of an Ordinance Amending Chapter 38 of the Mansfield Code of Ordinances to Establish a Historic Preservation Tax Exemption Program for the City of Mansfield (HLC#19-002)
Requested Action
To consider the proposed ordinance.
Recommendation
The Historic Landmark Commission met on May 9, 2019, and voted 6 to 0 to recommend that the City Council establish a Historic Preservation Tax Exemption Program.
Description/History
One of the duties of the Historic Landmark Commission (Commission) is to recommend to the City Council programs that promote the preservation of Mansfield’s historic resources. As one of these programs, the Commission has recommended that the Council establish a Historic Preservation Tax Exemption program.
This program will serve two purposes. First, the money saved by a property owner participating in the program may be used to make improvements and repairs that extend the life of the historic structure. Second, as investment in an older structure increases, the taxable value of that structure and surrounding properties may also rise.
The draft ordinance has been reviewed by Jeff Law, Chief Appraiser for the Tarrant Appraisal District. Staff has incorporated Mr. Law’s recommendations into the ordinance.
The Historic Preservation Tax Exemption Program details are as follows:
Preservation tax incentives will be limited to historic properties that have an “H”, Historic Landmark Overlay District designation.
To limit the number of applications that might otherwise conflict with the Downtown Tax Increment Re-Investment Zone program, the Commission has proposed the initial offer of tax incentives to 16 existing landmark structures and 12 officially recognized if the owners agree to a landmark designation. Additional properties may be nominated by the Commission and approved by the Council in the future.
The exemption applies to the property improvement value only and does not include the ...
Click here for full text