The legislature recognizing the importance of industrial development to this state passed Act (92-599) in the 1992 Session. This act grants an abatement of Ad Valorem taxes other than those imposed for public school purposes and for capital improvements for public education for a period not to exceed ten years. Act (92-599) applies to both real and personal property.
The exemption may be granted by the following:
- By the governing body of a municipality located within a municipality or the police jurisdiction of the municipality or
- By the governing body of a county located in the county and not within a municipality or the police jurisdiction of the municipality or
- By the governing body of a public industrial authority located within the jurisdiction of the public industrial authority.
Persons, companies or corporations wishing to avail themselves of this tax incentive should contact the appropriate granting authority.