§ 14-4. Calculation of exemption.

Latest version.

A.
Such buildings shall be exempt for a period of one year to the extent of 100% of the increase in assessed value thereof attributable to such reconstruction, alteration or improvement. Thereafter, for an additional period of seven years, the extent of such exemption shall be decreased by 12 1/2% of the initial exemption each year during such additional period.

B.
Such exemption shall be limited to $80,000 in increased market value of the property attributable to such reconstruction, alteration or improvement. Any increase in market value greater than $80,000 shall not be eligible for the exemption.

                    
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