For the purposes of taxation, an exemption may be granted to
the Assessor's full and true value of improvements to commercial
and industrial structures. The exemption shall be granted for a five
(5) year period, and shall not increase the value of the property
by the value of the improvement, notwithstanding that the value of
the property to which the improvement is made increases thereby. During
the exemption period, the assessment on the property shall not be
less than the assessment thereon existing immediately prior to the
improvement, unless there is damage to the structure through the action
of elements sufficient to warrant a reduction.
Additional improvements, conversions or construction completed
on a property already granted a previous exemption or abatement pursuant
to this article during the period in which the previous exemption
or abatement is in effect shall qualify for an additional exemption
or abatement. The additional improvements, conversions or construction
shall be considered as separate for the purposes of calculating the
exemption or abatement, except that the assessed value of any previous
improvement, conversion or construction shall be added to the assessed
valuation, as it was prior to that improvement, conversion or construction
for the purpose of determining the assessed value of the property
for which any additional abatement is to be subtracted.
At the termination of an agreement for tax exemption or abatement
authorized pursuant to this article, the project shall be subject
to all applicable real estate taxes, as provided by state and local
laws and regulations, provided that nothing herein shall be deemed
to prohibit the project or improvement, at the termination of an agreement
authorized pursuant to this chapter, from qualifying for and receiving
the full benefits of any tax preference as provided by law.