2.(a)
|
Such real property shall be exempt for a period of one year
to the extent of 50% of the increase in assessed value thereof attributable
to such construction, alteration, installation or improvement, with
a minimum of $10,000 on all new construction or remodeling; and for
an additional period of four years; provided, however, that the extent
of such exemption shall be decreased by 10% each year during such
additional period of four years. The following table shall illustrate
the computation of the tax exemption:
|
Year of Exemption
|
Percentage of Exemption
|
---|---|
1
|
50
|
2
|
40
|
3
|
30
|
4
|
20
|
5
|
10
|