Pursuant to the statement made in Springfield Ordinance 432, Chapter 1.02, Section 1.0237(a), the following formula for taxable values are:
(a) Twenty percent (20%) of the assessed property value for the first year following construction of such property; and
(b) Forty percent (40%) of the assessed property value for the second year following construction on such property;
(c) Sixty percent (60%) of the assessed property value for the third year following construction on such property;
(d) Eighty percent (80%) of the assessed property value for the fourth year following construction of such property.
(e) One hundred percent (100%) of the assessed property value for the fifth year following construction of such property.
(Ord. 432, passed 6-4-1997)