A. Term And Amount Of Exemption:
1. The actual value added to industrial real estate for the reasons specified in section 3-2-2 of this chapter is eligible to receive a partial exemption from taxation for a period of five (5) years. The amount of exemption from taxation allowed for actual value added shall be as follows:
For the first year | 75 percent |
For the second year | 60 percent |
For the third year | 45 percent |
For the fourth year | 30 percent |
For the fifth year | 15 percent |
2. However, if property ceases to be classified as industrial real estate or ceases to be used as a research service facility, warehouse or distribution center, the partial exemption for the value added shall not be allowed for subsequent assessment years. (1978 Code §32.1-33)
B. Limitations: The granting of the exemption under this chapter for new construction constituting complete replacement of an existing building or structure shall not result in the assessed value of the industrial real estate being reduced below the assessed value for the industrial real estate before the start of the new construction added. (1978 Code §32.1-34)