Industrial Tax Abatement Schedule
The industrial tax abatement plan calls for a ten-year schedule. Eligible improvements on industrial property will receive:
- 80% the first year
- 70% the second year
- 60% the third year
- 50% the fourth year
- 40% the fifth year
- 40% the sixth year
- 30% the seventh year
- 30% the eighth year
- 20% the ninth year
- 20% the tenth year.
On the 11th year and every year thereafter taxes on the full value of the property would be assessed.