Laserfiche WebLink
F' A1&uwPv& <br /> • Tax fge &*ie4t Füaieüig Avadab&? <br /> Tax Abatement (MS. §§ 469.1812 to 469.1815, as amended) <br /> The 1997 Legislature enacted the Tax Abatement To grant a property tax abatement,a political <br /> Law authorizing local political subdivisions, i.e., subdivision is required to hold a public hearing <br /> statutory or home rule charter cities, towns, on an abatement after a ten to thirty day <br /> counties or, in limited circumstances, school published notice in the official newspaper.The <br /> districts, to abate property taxes for notice must indicate that the governing body will <br /> (re)development purposes for a period of up to consider granting a property tax abatement, <br /> ten years, as an economic development identify the property or properties for which an <br /> alternative to tax increment financing. abatement is under consideration, and state the <br /> total estimated amount of the abatement. <br /> Property tax abatement cannot be applied to land <br /> but only to the constructed improvements on the After the hearing,the governing body of a <br /> land. Property that is located within a tax political subdivision,other than a school district, <br /> increment financing district cannot be abated nor may grant a property tax abatement by adopting <br /> can the areawide fiscal disparities tax be abated. a resolution in which it may limit the abatement <br /> to the following terms: <br /> Before a political subdivision can abate taxes on 1. Duration of the abatement for a period no <br /> • a property, it must first(i)enter into an longer than ten years(If the resolution does <br /> abatement agreement and(ii)determine that the <br /> not specify a period of time,the abatement is <br /> benefits to the political subdivision from the for eight years.); <br /> proposed abatement agreement are at least equal <br /> to the costs incurred by the political subdivision. 2. The specific dollar amount per year or in total; <br /> 3. The increase in property taxes resulting from <br /> Property tax abatement can be used only when it improvement of the property; <br /> is found to be in the public interest.Property tax <br /> abatement is in the public interest only if the 4. The increase in property taxes resulting from <br /> governing body of a political subdivision can increases in the market value or tax capacity <br /> find that the proposed constructed of the property; or <br /> ,improvement(s) will result in at least one of the 5. Other limitations that the governing body of <br /> following: the political subdivision determines are <br /> 1 . Increase or preserve the property tax base; appropriate. For example, the governing <br /> body could provide that the abatement may <br /> 2. Provide employment opportunities in the not be modified or changed during its term. <br /> political subdivision; If the abatement resolution does not provide <br /> 3. Provide or help acquire or construct public that the abatement may not be modified or <br /> facilities; changed, the governing body of the political <br /> 4. Help redevelop or renew blighted areas; or subdivision may review and modify the <br /> abatement every second year after it is <br /> 5. Help provide access to services for residents. approved. <br /> • <br /> 51 <br />