§ 1-7-81. Establishment of economic development ad valorem tax exemption.

(a)

There is herein established an economic development ad valorem tax exemption (hereinafter the "exemption") for ad valorem taxes levied by the county. The exemption is a local option tax incentive for a qualifying new business or expansion to an existing business which may be granted or refused at the discretion of the board.

(b)

The exemption shall not accrue to improvements to real property made by or for the use of a qualifying new business or expansion to an existing business when such improvements have been included on the tax rolls prior to the effective date of the ordinance specifically granting a business an exemption, or the effective date of a resolution indicating that the exemption will be granted which induces the business to expand or relocate.

(c)

At the discretion of the board, the exemption may be granted for up to one hundred (100) percent of the assessed value of all improvements to real property made by or for the use of a qualifying new business and of all tangible personal property of such new business, or up to one hundred (100) percent of the assessed value of all added improvements to real property made to facilitate the qualifying expansion of an existing business and of the net increase in all tangible personal property acquired to facilitate such expansion of an existing business, provided that the improvements to real property are made or the tangible personal property is added or increased on or after the day the ordinance granting the exemption is adopted, or the effective date of a resolution indicating that the exemption will be granted which induces the business to expand or relocate. Property acquired to replace existing property shall not be considered to facilitate a business expansion.

(d)

No exemption shall be granted for the land upon which a new business or expansion of an existing business is to be located.

(e)

Any exemption granted for a new business or expansion of an existing business is non-transferable between businesses; provided however, if the only change to the business is one (1) of ownership and all other provisions of the original application remain in effect, the exemption may be transferred subject to compliance with section 1-7-85.

(Ord. No. 2016-015, §§ 1, 2, 3-8-16)