The property tax abatement schedule is as follows:
Year 1 - 80%
Year 2 - 70%
Year 3 - 60%
Year 4 - 50%
Year 5 - 40%
Year 6 - 40%
Year 7 - 30%
Year 8 - 30%
Year 9 - 20%
Year 10 - 20%
Abatement only applies to the incremental assessed valuation, which will be determined by the Polk County Assessor after the project has been completed. |