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There shall be exempt from property taxation the value of any improvement made to or restoration of any structure included within title 4, chapter 11, part 2, or that is certified by a historic properties review board, as provided for in subdivision (a)(2), when the improvement or restoration is necessitated by:
Any comprehensive plan for the development of a district or zone authorized in § 13-7-401;
The official preservation plan of the state of Tennessee as required by United States Public Law 89-665 (16 U.S.C. § 470);
Any other federal or state plan of development or redevelopment that includes the preservation and restoration of structures covered by this section; or
The agreement of the owner of an individual structure to restore such structure in accordance with guidelines specified by a historic properties review board, as provided for herein, and to refrain from significantly altering or demolishing such structure during the period of exemption.
The chief administrative officer of each county shall appoint a historic properties review board for that jurisdiction, to be approved by a majority vote of the county governing body.
The review board shall consist of at least five (5) members of whom at least one (1) shall be an architect, if resident in the county, who is a member of the American Institute of Architects or meets the membership qualifications of that body, one (1) shall be a member of the local planning commission, and one (1) shall be the county historian, a member of the county historical commission, or a member of the county historical society.
The review board shall formulate criteria for certification of historic properties with the assistance of the Tennessee historical commission, and subject to review and comment by the state preservation officer.
All structures, except those on the Tennessee or National Register of Historic Places, whose owners seek to benefit from this section, shall be certified in accordance with these criteria. The exemption of any structure certified in accordance with this section, wherever located, shall also include any structure or residence used in the management or care of such historical structure. Any structure one hundred seventy-five (175) years of age or older shall be presumed to meet the criteria on the basis of age alone, any structure one hundred twenty-five (125) years of age or older shall be presumed to meet the criteria, unless established otherwise, and any structure seventy-five (75) years of age or older shall be assumed to meet the criteria subject to individual review.
Such exemptions shall continue in effect for ten (10) years in the case of a partial or exterior restoration or improvement, as determined by the review board, and fifteen (15) years in the case of a total restoration, as determined by the review board.
At the end of the applicable period, the structure shall be assessed and taxed on the basis of its full market value.
If any structure receiving an exemption under this section is demolished or significantly altered, as determined by the review board, during the period of exemption, the exemption of the improved value will immediately end and the owner shall be liable at that time for any difference between the tax paid and the tax that would have been due on such improved value.
The exemptions and restrictions provided for in this section shall apply to the structure itself and pass with its title.
Exemptions may be made in all counties in accordance with subdivisions (a)(1)-(4) for property that would be exempt under § 67-5-212.
This section shall only apply to counties having a population of two hundred thousand (200,000) or more, according to the 1970 federal census, or any subsequent federal census, it being the finding of the general assembly that redevelopment pressures are greater on historic structures in heavily urbanized areas.
This section shall apply only to those counties that, by a majority vote of the governing body of the county, choose to come under its provisions.
Any incorporated municipality that desires to come under the provisions of this section may do so separately by a majority vote of its governing body. In that event, however, only the territory within the corporate bounds of the municipality shall be affected by this section.