(A) The Town Council hereby grants and establishes, subject to the provisions of this chapter, an exemption from assessed valuation of property as herein provided:
JOBS EXEMPTION
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Number of Jobs Established in Middletown | Amount of Exemption | Term of Exemption |
JOBS EXEMPTION
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Number of Jobs Established in Middletown | Amount of Exemption | Term of Exemption |
5 - 9 | 3% of assessed value | 3 years |
10 - 14 | 7% of assessed value | 3 years |
15 - 20 | 11% of assessed value | 4 years |
21 - 25 | 15% of assessed value | 4 years |
26 - 30 | 19% of assessed value | 5 years |
31 - 35 | 23% of assessed value | 5 years |
36 - 40 | 27% of assessed value | 5 years |
41 - 45 | 31% of assessed value | 5 years |
46 - 50 | 35% of assessed value | 6 years |
51+ | 40% of assessed value | 6 years |
(B) The Job Creation Exemption applies only to jobs created in Middletown, annually for office uses (non-retail/commercial, such as financial/investment operation), industrial or manufacturing uses, and other uses fitting the definition of a qualified facility in § 39.03(A)(1).
(C) In addition to the job creation exemption, additional credits may be earned by a qualifying business by meeting the following confirmed thresholds:
(1) If 20% or more of the newly created job hires are Middletown Residents, an additional 3% exemption is earned for the duration of the exemption period. If 5-14 jobs are created, a minimum of two jobs must be created for Middletown residents in order to qualify for this additional exemption.
(2) If 20% of the newly created jobs pay $50,000+ annually, an additional 3% exemption is earned for the duration of the exemption period.
(Ord. passed 3-18-96; Am. Ord. passed 10-6-03; Am. Ord. 2019-1, passed 1-22-19)