Such real property shall be exempt for a period of one year
to the extent of 50% of the increase in assessed value thereof attributable
to such construction, alteration, installation or improvement and
for an additional period of nine years; provided, however, that the
extent of such exemption shall be decreased by 5% each year during
such additional period of nine years. The following table shall illustrate
the computation of the tax exemption:
|
Year of Exemption
|
Percentage of Exemption
| |
---|---|---|
1
|
50%
| |
2
|
45%
| |
3
|
40%
| |
4
|
35%
| |
5
|
30%
| |
6
|
25%
| |
7
|
20%
| |
8
|
15%
| |
9
|
10%
| |
10
|
5%
|
Such real property shall be exempt for a period of one year
to the extent of 0% of the increase in assessed value thereof attributable
to such construction, alteration, installation or improvement and
for an additional period of nine years; provided, however, that the
extent of such exemption shall be decreased by 0% each year during
such additional period of nine years. The following table shall illustrate
the computation of the tax exemption:
|
Year of Exemption
|
Percentage of Exemption
| |
---|---|---|
1
|
0%
| |
2
|
0%
| |
3
|
0%
| |
4
|
0%
| |
5
|
0%
| |
6
|
0%
| |
7
|
0%
| |
8
|
0%
| |
9
|
0%
| |
10
|
0%
|