Abatement of real and personal property taxes may be granted upon approval of the Village Council in accordance with the following schedules:
Period of Abatement of All Real Estate Tax Millage Applicable to Project | Added Full-Time Employees From New Construction, Expansion, Renovation or Occupation |
Period of Abatement of All Real Estate Tax Millage Applicable to Project | Added Full-Time Employees From New Construction, Expansion, Renovation or Occupation |
Two years | 2 to 20 |
Three years | 21 to 40 |
Four years | 41 to 60 |
Five years | 61 to 99 |
Six years | 100 to 149 |
Seven years | 150 to 199 |
Eight years | 200 to 299 |
Nine years | 300 to 499 |
Ten years | 500 or more |
Up to fifteen years if Council is of the opinion that the income tax income warrants the increase in the abatement period.
(Ord. 89-2-9. Passed 2-7-89; Ord. 89-4-3. Passed 4-4-89; Ord. 92-3-7. Passed 4-7-92; Ord. 96-4-9. Passed 4-2-96.)