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Property Tax Abatements
County Property Tax Abatements: New manufacturing facilities and additions costing at least $50,000 to existing manufacturing facilities is exempt form the ordinary county taxes for a period of five years.
Corporate headquarters, corporate office facilities and distribution facilities are exempt from ordinary county taxes for five years if the cost of new construction or additions is $50,000 or more and 75 or more full-time jobs are created.
The abatement is given for five years. This does not apply if Fee-in-Lieu-of Taxes (FILOT) agreement is executed with the county nor does it apply to school or municipal taxes Apply to the Department of Revenue for exemption using Form PT-401.
Municipal Property Tax Abatements: Requirements are the same as for county abatements except the municipality, by ordinance, must specifically exempt the property from municipal property taxes.
Value: The result could be an approximate savings of 25 percent to 35 percent on annual property taxes for real and personal property.
| Property and Tax Abatement Example: | |
| $1 Million | Investment (land, building, and equipment) |
| x 10.5% | Assessment Ratio |
| $105,000 | Assessed Value |
| x .200 | Example millage rate |
| $21,000 | Annual Tax |
| $1 Million | Investment (land, building, and Equipment) |
| x 10.5% | Assessment Ratio |
| $105,000 | Assessed Value |
| x .0535 | Example millage rate |
| $5,617.50 | Annual Abatement |
| The estimated annual property tax for one year: $21,000 - $6,699 = $14,301. | |
