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)