(A) The actual value added to industrial real estate for the reasons specified in the section is eligible to receive a partial exemption from taxation for a period of five years. ACTUAL VALUE ADDED, as used in this section, means the actual value added as of the first of the year for which the exemption is received. The amount of actual value added which is eligible to be exempt from taxation shall be as follows:
(1) For the first year, 75%;
(2) For the second year, 60%;
(3) For the third year, 45%;
(4) For the fourth year, 30%; and
(5) For the fifth year, 15%.
(B) However, the granting of the exemption under this section 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 of the industrial real estate before the start of the new construction added.
(Prior Code. § 6-9-6)