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not reapply, or if the reapplication is disapproved, the increased capital value of the buildings, <br /> structures, fixtures, and improvements comprising the project is subject to ad valorem taxation. <br /> If at any time a project operator who is exempt from taxation or subject to payments in lieu of <br /> taxes under this chapter moves the business to a new location, the project operator must <br /> reapply to retain the remaining balance of the property tax exemption or the option to make <br /> payments in lieu of taxes or elect to make application as a new business. A business relocation <br /> has no effect on the income tax exemption of the project operator if it is shown by the project <br /> operator to the satisfaction of the state board of equalization that the nature of the business has <br /> not been changed by the move and that the effect of the business upon competitors has not <br /> been changed by the move. In addition, a property tax exemption or option to make payments in <br /> lieu of taxes provided by this chapter applies only to the project operator to whom it is granted <br /> and is valid only while the property is used for the purposes stated in the application. If there is a <br /> change in use of the property or if a new project operator takes possession of the property, the <br /> property tax exemption or option to make payments in lieu of taxes terminates and the project <br /> operator must file a new application with the municipality for a tax exemption or option to make <br /> payments in lieu of taxes for the remainder of the exemption or payments in lieu of taxes period <br /> provided under section 40-57.1-03. <br /> 40-57.1-07. Exemptions -Time for making application. <br /> 1. No property tax exemption shall be granted under this chapter unless the application <br /> for it is granted as provided in this chapter prior to the commencement of construction <br /> of the project as that term is defined in section 40-57.1-02 or prior to occupancy by the <br /> project operator if the project is an existing building. <br /> 2. Application for an income tax exemption as provided in this chapter must be made by <br /> the project operator no later than one year after the commencement of project <br /> operations. <br /> 40-57.1-08. Large industrial projects - Exclusion from provisions of chapter. <br /> Repealed by S.L. 1994, ch. 784, § 7. <br /> Page No. 7 <br />