The following schedule of taxes exempted shall apply to all properties satisfying the provisions and limitations hereinbefore and hereinafter set forth:
Schedule A | |
Eligible Tax year | Percentage of Tax Exemption on Eligible Assessment |
Year 1 | 90% |
Year 2 | 80% |
Year 3 | 60% |
Year 4 | 40% |
Year 5 | 20% |
After year 5 the exemption shall terminate and the property shall be taxed at 100 percent of the total assessment at the applicable property tax rate then in effect.
(Ord. 418, 6/2/2008, §5)