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The Chief Appraiser of the Lamar County Appraisal District shall annually determine an <br />assessment of the Rcal and Perso»al Property comprising the Reinvestment Zone. Each year, the <br />Empioyer, the company or individual receiving abatement pursuant to an agreement sha11 furnish <br />the assessor with such inforrnadon as may be necessary to determine the amount of any <br />abatement. Once such vaiue has been established, the Chief Appraiser shall notify the affected <br />jurisdictions which )evy taxes on such Property and the Paris Economic Deveiopment <br />Corporation. <br />Tl�e Employer, owner or lessee of eligible Properiy requesting tax abatement within a <br />Reinvestment Zone shali, prior to the comrrsencement of etigible property improvements, agree <br />to expend a designated sum of money and to create or retain a certain number ofJobs, or annual <br />payroll as further defined below. <br />V. Tax Abatement for Real Property; Creation of Johs: <br />Tax abatement may be made available to Employers creating Jobs with respect to an <br />Authori2ed Facility locatec! anywhere within the City or its extra territoriai jurisdiction based <br />on the folfowing: <br />a) To be eligible for any tax abatement, there must be a minimum capital investrnent in the <br />Authorized FaciIity of $250,000 and at ieast ten (10) new Jobs added to the Employer's labar <br />force, . <br />b) When an abatement percentage has been agreed upon it shall be granted for years <br />one (1) through three (3); ihereafier, there will be a 20%reduction in the original amount abated <br />beginning with year four {4) and a similar reduction of 20% in each of the next three years unti} <br />100% of the Reai Property valuation is added to the tax rolls. <br />c) Criteria for qualification for #ax abatement are as follows: <br />