(A) Exemptions granted under this chapter shall be used by the property owner to reduce the taxable assessed valuation of the property in question. If a business owner qualifies for an exemption under the terms and conditions of this chapter, and leases business space from a building owner, the tax exemption can be utilized in the following manner:
(1) Reduction or payment of personal property tax;
(2) Reduction or payment of any Middletown real estate, as assigned by the business owner receiving the exemption; or
(3) Assign the exemption for reduction or payment.
(B) In the event the applicant shall qualify for an exemption under §§ 39.01 and 39.03, the Tax Assessor shall first apply the exemption granted by § 39.03 to the assessed value of the property. The Tax Assessor shall then apply the percentage exemption authorized pursuant to § 39.01 to any remaining portion of the assessed value of the qualified facility. (Example: If applicant is in third year of program under § 39.03 and has created 11 jobs, [none Middletown residents; none over $35,000], assessment would be: assessed value x 40% x 93%.)
(Ord. passed 3-18-96; Am. Ord. passed 10-6-03)