Any new assessment resulting from improvements financed by bonds shall be exempt from local, county and school property taxes at a rate of 100% for a 10 year period.
Local, county and school taxes for the first 10 years will be based on the equalized value of the land purchased times the respective local tax rates. In no succeeding year shall the assessment be less than the previous year as a result of declining equalization rates.
Beginning in year 11 and continuing for the term of the PILOT agreement the company shall pay annual local, county and school taxes as if the property where on the taxable roll.
Existing Facilities
Existing buildings shall continue to be subject to local, county and school taxes based on the current assessment. Any increase in assessment resulting from improvements financed with Agency assistance shall be exempt from local, county and school taxes at a rate of 100% for a 10 year period.
Beginning in year 11 and continuing for the term of the PILOT agreement the company shall pay annual local, county and school taxes as if the property were on the taxable roll
