Expanding the eligibility for historic preservation property tax special valuation.

HB 2697 expands eligibility for a property tax break that helps owners maintain historic properties by allowing two additional 7-year extensions (totaling 24 years) for properties in cities under 20,000 population, removing the prior requirement for "distressed area" designation. It requires owners to apply 90 days before expiration for extensions, which local review boards may approve or deny at their discretion. The bill directly affects owners of qualifying historic properties in smaller cities, aiming to promote revitalization of historic districts. Extensions cannot be granted after January 1, 2057, and the tax break ends with the property's cost considered as new construction upon termination.