Section 3115 - Property tax exemption schedule of real propertyA municipality and school district shall have the power and authority to grant property tax abatement, in accordance with this section, to properties leased to a microenterprise for one or more consecutive years and owned by an administrative entity. The following apply:
(1) For the first, second and third years for which the property would otherwise be taxable and is continually leased to the microenterprise, 100% of the eligible assessment shall be exempted.(2) For the fourth year for which the property would otherwise be taxable and is continually leased to the microenterprise, 90% of the eligible assessment shall be exempted.(3) For the fifth year for which the property would otherwise be taxable and is continually leased to the microenterprise, 75% of the eligible assessment shall be exempted.(4) For the sixth year for which the property would otherwise be taxable and is continually leased to the microenterprise, 60% of the eligible assessment shall be exempted.(5) For the seventh year for which the property would otherwise be taxable and is continually leased to the microenterprise, 45% of the eligible assessment shall be exempted.(6) For the eighth year for which the property would otherwise be taxable and is continually leased to the microenterprise, 30% of the eligible assessment shall be exempted.(7) For the ninth year for which the property would otherwise be taxable and is continually leased to the microenterprise, 15% of the eligible assessment shall be exempted.(8) For the tenth year for which the property would otherwise be taxable and is continually leased to the microenterprise, 10% of the eligible assessment shall be exempted.(9) After the tenth year of being continually leased to the microenterprise, the exemption shall terminate.Added by P.L. TBD 2021 No. 37, § 1, eff. 8/29/2021.