Targeted urban industrial or manufacturing new construction

From the 2024 DOR Tax Exemption Study

84.25.040 - Targeted urban industrial or manufacturing new construction Description The new construction value of qualifying industrial or manufacturing facilities is exempt from certain levies. This exemption does not apply to the state property tax levy. It only applies to county property taxes with the approval of the governing body of that county. The exemption is valid for 10 years and no new application may be made after December 31, 2030. At the conclusion of the exemption period, the new industrial/manufacturing facilities cost must be considered as new construction for the purposes of levy calculations. Purpose To promote new manufacturing and industrial uses on undeveloped or underutilized lands zoned for industrial and manufacturing uses. Taxpayer ($ in millions): savings FY 2024 FY 2025 FY 2026 FY 2027 State Taxes $0.000 $0.000 $0.000 $0.000 Local Taxes $0.066 $0.067 $0.067 $0.068 Repeal of Repealing a property tax exemption would not increase state revenues. A repeal exemption shifts the state property tax to the currently exempt taxpayers and reduces the tax burden of other taxpayers. It may decrease the local rate and possibly result in local taxing districts at thei