3.12.150 Tax abatement provided.
   A.   For structures rehabilitated, developed or redeveloped in said area, the property owner shall be entitled to a deduction from the assessed value of the structure, not including real estate, for a period of ten years as follows:
 Year of Deduction  
 Percentage
1st
100%
2nd
95%
3rd
80%
4th
65%
5th
50%
6th
40%
7th
30%
8th
20%
9th
10%
10th
5%
 
and otherwise in full accord with the terms and provisions of Indiana Code, 6-1.1—12.1-3, 6-1.1—12.1-4 and 6-1.1—12.1-5.
   B.   For new manufacturing equipment placed in use in said area, the property owner shall be entitled to a deduction from the assessed value of the property for a period of five years as follows:
 
Year of Deduction
Percentage
 1st
100%
 2nd
95%
 3rd
80%
4th
65%
5th
50%
6th and thereafter
0%
 
and otherwise in full accord with the terms of Indiana Code, 6-1.1—12.1-4.5 and 6-1.1—12.1-5.5. (Prior code § 32-4)