3. Comm Policy-tax incentive - Laserfiche WebLink

SUBJECT: TAX INCENTIVE POLICY 34.00 PAGE 2 OF 3 5) Growth projections in the community must be verifiable through either the County Assessor or County Auditor's Office. 6) Amount of exemption will be according to the following schedule: Five-year exemption schedule: Year 1 - 100% Year 2 - 100% Year 3 - 75% Year 4 - 50% Year 5 - 25% Four-year exemption schedule: Year 1 - 100% Year 2 - 75% Year 3 - 50% Year 4 - 25% Three-year exemption schedule: Year 1 - 100% Year 2 - 50% Year 3 - 25% Two-year exemption schedule: Year 1 - 100% Year 2 - 50% One-year exemption schedule: Year 1 - 50% Agricultural processing projects qualifying for a 10-year exemption will receive a 25% exemption in years 6-10. 7) Annual Reports - Effective January 1, 2006, political subdivision grantor reporting requirements must follow state law. (See NDCC 54-60.1-08). This includes a statement of public purpose and a business incentive agreement for each public project valued at $25,000 or more. 8) In those cases where an application for tax exemption involves new construction, an exemption which has been granted will be considered lapsed and invalid if construction has not begun in 1 year and/or completed in 2 years. Notice will be sent to the project operator 90 days prior to the exemption lapsing. If, however, the business submits information prior tothe exemption lapsing outlining circumstances which necessitate a longer construction schedule, the County Commission can vote to extend the construction period.