§ 188-97. Exemption amount.

A. 

There is hereby exempted from all real estate property taxes that portion of additional assessment attributable to the actual costs of new improvements to eligible property for which proper application has been made in accordance with this article.

B. 

The exemptions authorized by this article shall be in accordance with either the Standard Exemption Schedule or the Enhanced Exemption Schedule subject to provisions and limitations hereinafter set forth.

C. 

The schedule of real property taxes to be exempted shall be in accordance with the following percentage of the assessed valuation of new improvements to eligible property:

STANDARD EXEMPTION SCHEDULE
Tax Year(s) Following Completion of Construction	Exemption Portion of Assessed Valuation
1	100%
2	90%
3	80%
4	70%
5	60%
6	50%
7	40%
8	30%
9	20%
10	10%

D. 

A tax exemption granted under the Standard Exemption Schedule shall become effective for a ten-year period from the date of issuance of a certificate of occupancy for any improvements and shall terminate after the 10th year.

ENHANCED EXEMPTION SCHEDULE
Tax Year(s) Following Completion of Construction	Exemption Portion of Assessed Valuation
1	100%
2	100%
3	100%
4	100%
5	100%
6	100%
7	80%
8	60%
9	40%
10	20%

E. 

Only properties 10 acres or greater shall be eligible for a tax exemption under the Enhanced Exemption Schedule, and such exemptions shall become effective for a ten-year period from the date of issuance of a certificate of occupancy for any improvements and shall terminate after the 10th year.

F. 

A tax exemption granted under this article shall not terminate upon the sale or exchange of the property.