The county of Ogle authorizes and directs the county clerk to abate ad valorem taxes imposed upon real property, located within the enterprise zone area, upon which new improvements have been constructed or upon which existing improvements have been renovated or rehabilitated, subject to the following conditions:
A. The improvements or renovations are of the scope and nature for which a building permit is required and has been obtained;
B. Any abatement or taxes on any parcel shall not exceed the amount attributable to the construction of the improvements and the renovations or rehabilitation of existing improvements on such parcel;
C. Such abatement shall be allowed only for commercial, industrial or manufacturing property located within the zone area;
D. Such abatement shall be at the rate of one hundred percent (100%) of the value of the improvements for the assessment year in which the improvements are made; eighty percent (80%) of the value of the improvements for the second assessment year; sixty percent (60%) of the value of the improvements for the third assessment year; forty percent (40%) of the value of the improvements for the fourth assessment year; twenty percent (20%) of the value of the improvements for the fifth assessment year; and thereafter such abatement shall cease;
E. Such abatement shall continue and be in full force as set forth in this section for any improvements which are completed within the term of the enterprise zone as specified in section 8-7-4 of this division;
F. In the case of properties located within a redevelopment project area or tax increment financing district created pursuant to real property tax increment allocation redevelopment act 1 , no abatement of taxes under section 18-170 of the property tax code for new improvements or the renovation or rehabilitation of existing improvements shall be granted. (Ord., 10-16-2001)
Notes
| 1 | 1. 65 ILCS 5/11-74.4-1 et seq. |