3.10.060 Amount of exemption.
The actual value added to industrial real estate for the reasons specified in this chapter is eligible to receive a partial exemption from taxation for a period of five years. “Actual value added” as used in this chapter means the actual value added as of the first of the year for which the exemption is received, except that “actual value added by improvements to machinery and equipment” means the actual value as determined by the assessor as of January 1st of each year for which the exemption is received. The amount of actual value added which is eligible to be exempt from taxation shall be as follows:
(1) For the first year, 75 percent;
(2) For the second year, 60 percent;
(3) For the third year, 45 percent;
(4) For the fourth year, 30 percent;
(5) For the fifth year, 15 percent.
However, the granting of the exemption under this section for new construction constituting complete replacement of an existing building or structure shall not result in the assessed value of the industrial real estate being reduced below the assessed value of the industrial real estate before the start of the new construction added. [Ord. 384, 1984; Code 1975 § 1-1.0506.]