(A) I.C. 6-l.l-12.1-17(b) directs that the designating body (City Council) shall establish an abatement schedule for each deduction allowed, and shall specify the percentage amount of the deduction for each year of the deduction.
(B) The Common Council approves and establishes the following schedules for all future actions regarding tax abatement.
(1) |
REAL-PROPERTY ABATEMENT CALCULATION
| |||
Year No.
|
3 Year Abatement | 6 Year Abatement | 10 Year Abatement | |
(1) |
REAL-PROPERTY ABATEMENT CALCULATION
| |||
Year No.
|
3 Year Abatement | 6 Year Abatement | 10 Year Abatement | |
1 | 100% | 100% | 100% | |
2 | 66% | 65% | 95% | |
3 | 33% | 66% | 80% | |
4 | 50% | 65% | ||
5 | 34% | 50% | ||
6 | 17% | 40% | ||
7 | 30% | |||
8 | 20% | |||
9 | 10% | |||
10 | 5% | |||
(2) |
PERSONAL-PROPERTY ABATEMENT CALCULATION
| ||
Year No.
|
5 Year Abatement | 10 Year Abatement | |
(2) |
PERSONAL-PROPERTY ABATEMENT CALCULATION
| ||
Year No.
|
5 Year Abatement | 10 Year Abatement | |
1 | 100% | 100% | |
2 | 80% | 90% | |
3 | 60% | 80% | |
4 | 40% | 70% | |
5 | 20% | 60% | |
6 | 50% | ||
7 | 40% | ||
8 | 30% | ||
9 | 20% | ||
10 | 10% | ||
(Res. R-16-09, passed 7-22-2016)