Any new or expanding business project may be granted a property tax exemption for up to five years.
To qualify, a project must be a new or expanded revenue producing enterprise. All buildings, structures or improvements used in the operation of the project qualify. Land does not qualify for the exemption.
A project is not eligible for an exemption if a tax exemption was received under tax increment financing or if the governing body determines the exemption fosters unfair competition or endangers existing business.
Application must be made and approved before construction of a new structure begins. If an existing structure will be occupied, application must be made and approved before the structure is occupied.