Industrial Tax Abatements

Industrial Tax Abatement Schedule

The industrial tax abatement plan calls for a ten-year schedule. Eligible improvements on industrial property will receive:

  • 80% the first year
  • 70% the second year
  • 60% the third year
  • 50% the fourth year
  • 40% the fifth year
  • 40% the sixth year
  • 30% the seventh year
  • 30% the eighth year
  • 20% the ninth year
  • 20% the tenth year.

On the eleventh year and every year thereafter taxes on the full value of the property would be assessed.