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Community Development Incentive Act (Property Tax Exemption)
Municipalities and counties may exempt commercial personal property of a new business facility from property tax for up to 20 years. This incentive is designed to give communities a less expensive alternative to IDBs (Industrial Development Bonds), particularly when the project is too small to warrant the expense associated with IDBs.
A “facility” means any factory, mill, plant, refinery, warehouse, dairy, feedlot, building or complex or buildings located within the state, including land on which the facility is located and all machinery, equipment and other real and tangible personal property located at or within the facility and used in connection with the operation of the facility. A “new business facility” means a facility that is employed by the taxpayer in the operation of a revenue-producing enterprise. The facility may not be a replacement business facility (by the taxpayer or a relative). The facility must be acquired by or leased to the taxpayer on or after July 1, 2003.
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