(A) The following incentive is established relating to qualified property located within the city enterprise zone. The city sets the city's annual ad valorem property tax rate applicable to qualified property within the zone at $.001 upon each $100 of the value involving improvements, additions or new construction resulting in an increase in assessed value or tangible personal property created from such expansion; this tax being considered to include
real property, personal property, and inventory. This rate applies only to new businesses and new expansion of existing businesses located within the city enterprise zone and qualifying under rules and regulations applying to that zone. This tax rate shall not apply to special assessments, flood wall taxes and school taxes. Any property or project hereafter benefitting from tax incremental financing pursuant to KRS 99.610 to 99.680 by action of the Board of City Commissioners shall be ineligible for the incentive created hereunder. The regular tax rate shall apply to such qualifying property or project.
(B) The incentive created under division (A) shall apply to businesses upon proof that the business is responsible to pay all property taxes on the business premises.
(C) The incentive created under division (A) above shall affect each qualified property within the zone for a period of five (5) years from the date of qualification. The incentive shall, however, expire February 1, 2004.
('83 Code, § 36.08) (Ord. 153-1984, passed 12-26-84; Am. Ord. 38-1988, passed 5-10-88; Am. Ord. 90-1986, passed 9-9-86; Am. Ord. 42-1996, passed 5-2-96)
Cross-reference:
For a list of ordinances establishing enterprise zones, see T.S.O. IV (City Development)