Sec. 780.208. - Exemption schedule.

(a) Where the Property Appraiser determines the amount is Section 780.206 (c) is less than $34,000, the Council shall grant the tax exemption, unless unusual circumstances exist or if the exemption is otherwise prohibited. (b) Unless otherwise stated by the Council in the ordinance approving the exemption: (1) The exemption schedule for subsection (a) of this Section shall be for five years; (2) In the first year, the exemption shall be 100 percent of the value of the exempt property; (3) In the second year, the exemption shall be 80 percent of the value of the exempt property; (4) In the third year, the exemption shall be 60 percent of the value of the exempt property; (5) In the fourth year, the exemption shall be 40 percent of the value of the exempt property; (6) In the fifth year, the exemption shall be 20 percent of the value of the exempt property. (c) Where the Property Appraiser determines the amount in Section 780.206 (c) to be more than $34,000, the Council shall review the request for exemption based on objective cost/benefit measures. These measures shall be developed by the Enterprise Zone Office. (Ord. 93-1989-1145, § 1)