Real Estate Tax Exemption

  1. All new residential/commercial property that is eligible as a Zone project shall be eligible for 100% real estate tax exemption for a period of five years. Property tax exemptions will not be granted on land.
  2. All existing residential/commercial property that is eligible as a Zone project because of capital improvements shall be eligible for 100% exemption from the local real estate taxes for a period of five years on the increase in value due to capital improvement. Property tax exemptions will not be granted on land.
  3. All existing residential property purchased that is eligible as a Zone project because the project is a purchase with capital improvements shall be eligible for 100% exemption from the local real estate taxes for a period of five years on the existing property and the improvement. Property tax exemption will not be granted on the land.
  4. All existing commercial property purchased that is eligible as a Zone project because of the purchase shall be eligible for 100% exemption from the local real estate taxes for a period of five years. Property tax exemptions will not be granted on land.
  5. A purchase of an existing project can continue the real estate exemption for the remainder of the original five year exemption.