The amount of the credit shall be equal to 50% of the increase in the county real estate tax levied on the improved property, due on any expansion, renovation or capital improvement in the property over the first year, and for the subsequent four-year period, the credit decreases by 10% annually (40%, 30%, 20%, 10%). After five years of county real estate tax credits, the improved property shall return to the tax rolls at its then full-assessed value.
(Res. 2008-9, passed 6-24-2008)