The actual value added to industrial real estate for the reasons specified in § 33.01 is eligible to receive a partial exemption from taxation for a period of five years.
ACTUAL VALUE ADDED shall mean the actual value added as of the first year for which the exemption is claimed; except, that actual value added by improvements to machinery and equipment means the actual value as determined by the County Assessor as of January 1 of each year for which the exemption is claimed. The amount of actual value added which is eligible to be exempt shall be as follows, for the:
(A) First year: 75%;
(B) Second year: 60%;
(C) Third year: 45%;
(D) Fourth year: 30%; and
(E) Fifth year: 15%.
(Prior Code, § 1-9-2) (Ord. 258, passed 5-3-1982)