A. A portion of the assessment of a property attributable to new construction or improvements to deteriorated property as determined by the Assessment Agency to be exempted from taxation shall be in accordance with the schedule below unless sooner terminated in accordance with Subsection C below:
Year | Percentage Exempted |
Year | Percentage Exempted |
First | 100% |
Second | 100% |
Third | 100% |
Fourth | 100% |
Fifth | 80% |
Sixth | 60% |
Seventh | 40% |
Eighth | 20% |
Ninth After the eighth year, the exemption shall terminate. | 0%
|
B. The exemption from real estate taxes authorized by this Part shall be upon the property exempted and shall not terminate upon the sale or exchange of the property.
C. The exemption from real estate taxes authorized by this Part shall terminate irrevocably upon default in the payment in full of all current real estate taxes, together with accrued penalties and/or interest, due to be paid upon the deteriorated property exempted. For purposes of this Part, a default shall be considered to have occurred if such payment is not made in accordance with the tax bill issued upon the deteriorated property on or before February 15 of the year following the year in which such tax bill is issued. The provisions of this section shall apply prospectively only to deny the continued exemption of the real estate taxes upon the deteriorated property commencing with the first fiscal year following the year for which the tax bill was issued upon which the default occurred.