[Adopted 3-28-1977 by L.L. No. 2-1977]
Real property constructed, altered, installed or improved subsequent to the first day of July 1976 for the purpose of commercial, business or industrial activity shall be exempt from taxation, special ad valorem levies and service charges to the extent hereinafter provided.
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 and for an additional period of nine years; provided, however, that the extent of such exemption shall be decreased by 5% each year during such additional period of nine years. The following table shall illustrate the computation of the tax exemption:
For purposes of this section the terms "construction," "alteration," "installation" and "improvement" shall not include ordinary maintenance and repairs.
Such exemption shall be granted only upon application by the owner of such real property on a form prescribed by the State Board. The original of such application shall be filed with the Assessor of the town on or before the appropriate taxable status date of the town. A copy thereof shall be filed with the State Board.
If the Assessor is satisfied that the applicant is entitled to an exemption pursuant to this article, he shall approve the application, and such real property shall thereafter be exempt from taxation, special ad valorem levies and service charges as herein provided commencing with the assessment roll prepared after the taxable status date referred to in § 88-10. The assessed value of any exemption granted pursuant to this article shall be entered by the Assessor on the portion of the assessment roll provided for property exempt from taxation.
The provisions of this article shall apply to real property used primarily for the buying, selling, storing or developing of goods or services, the manufacture or assembly of goods or the processing of raw materials. This Article shall not apply to property used primarily for the furnishing of dwelling space or accommodations to either residents or transients other than hotels or motels.
In the event that real property granted an exemption pursuant to this article ceases to be used primarily for eligible purposes, the exemption granted pursuant to this article shall cease.