17 Sep What are some examples of different kinds of Tax Abatements and Exemptions on property here in St. Tammany Parish?
The Louisiana Industrial Ad Valorem Tax Exemption Program (ITEP)
The Louisiana Industrial Ad Valorem Tax Exemption Program is a state incentive program that offers a tax incentive for manufacturers within the state. With local approval, new manufacturing operations and expansions are eligible for the program that provides up to a 100% property tax abatement for an initial term of up to five years on buildings, equipment, and machinery. Local endorsements are required from the parish school board, council, and sheriff to be eligible.
*Option to renew for up to three additional years at up to 80% property tax abatement on a manufacturer’s qualifying capital investment.
Click here to view statute: http://www.legis.la.gov/Legis/Law.aspx?d=206551
Restoration Tax Abatement (RTA) –
The Restoration Tax Abatement Program (RTA) is an incentive created for municipalities and local governments to encourage the expansion, restoration, improvement, and development of existing structures in downtown development districts, economic development districts, and historic districts. The RTA program provides an up to ten-year abatement of ad valorem property taxes on the renovations and improvements of existing commercial structures and owner-occupied residences. The abatement of ad valorem property taxes is on the increased value of the property from the restoration, improvement, development, or expansion of an existing structure.
*Option to renew for an additional five years with local governing authority approval.
Click here for statute: http://www.legis.la.gov/Legis/Law.aspx?d=102123