[Adopted 10-10-2017 by Ord. No. 18-02]
A.
In the
opinion of the Town Council, the abatement of Town real estate taxes
for newly annexed areas best promotes the public welfare by providing
an incentive for areas adjacent and contiguous to the Town's boundaries
to annex into the Town, thereby creating new employment opportunities
for the citizens of the Town and ultimately strengthening the Town's
tax base.
B.
In the
opinion of the Town Council, the abatement of Town real estate taxes
for these newly annexed areas thus promotes the public welfare by
providing incentives for the purchase of these areas in conjunction
with their annexation into the Town.
Real property located within the boundaries of any incorporated
municipality may be exempted from municipal property tax by the municipality
when, in the opinion of the Town Council, it will best promote the
public welfare.
For any property annexed into the Town during 2017 and thereafter,
the first year of real estate property taxes shall be abated for the
period of one year from the date of annexation. In the event that
the date of annexation does not coincide with the start of the Town's
tax year, the abatement shall be prorated in the two tax years, so
as to provide for a full 12 months of abatement.
