The actual value added to industrial real estate for the reasons specified in Section 12-1-1 of this Chapter is eligible to receive a partial exemption from taxation for a period of five (5) years. "Actual value added" as used in this Chapter means the actual value added as of the first year for which the exemption is received, except that actual value added by improvements to machinery and equipment means the actual value as determined by the assessor as of January 1 of each 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:
First year | 75 percent |
Second year | 60 percent |
Third year | 45 percent |
Fourth year | 30 percent |
Fifth year | 15 percent |
(Ord. 5-89, 6-20-1989)