§ 70-7. Ad valorem tax exemptions for landmarks, landmark sites, and properties within a historic district.

(a)

Upon designation as a landmark, landmark site or historic district, all of such properties are hereby designated as part of the central business district of the city, only for the purposes of exemption of ad valorem taxes, as authorized by MCA 1972, § 17-21-5, for the purpose of promoting the preservation of such historic properties and thereby promoting business and commerce in the central business district. For all purposes other than those set forth in this chapter, such property shall bear the zoning classification reflected on the official zoning map of the city.

(b)

Ad valorem taxes, excluding ad valorem taxes for school district purposes and excluding ad valorem taxes on personal property, shall be exempt on all property, whether residential or commercial, upon application by the property owner and verification by the city tax collector that improvements have been made, and verification by the historic preservation commission that a certificate of appropriateness was obtained and improvements made pursuant thereto.

(c)

Each application shall then be submitted to the city council for its consideration and approval of a tax exemption of ad valorem taxes for a period not to exceed seven years.

(d)

The tax exemption shall not include ad valorem taxes as they exist on the property at the time of the application, but shall only apply to taxes as they will exist with the improvements.

(Code 1971, § 15½-12)