Exemption Period definition

Exemption Period means the period beginning on the first day of the property tax year after the property tax year in which an applicable portion of Economic Development Property is placed in service and ending on the Termination Date. In case there are Phases of the Project, the Exemption Period applies to each year’s investment made during the Investment Period.

Exemption Period means the period beginning on the first day of the property tax year after the property tax year in which an applicable portion of Economic Development Property is placed

Exemption Period means the period beginning on the first day of the property tax year after the property tax year in which an applicable piece of economic development property is placed in service and ending on the termination date. For projects which are completed and placed in service during more than one year, the exemption period applies to each year’s investment made by a sponsor during the investment period.

Examples of Exemption Period in a sentence

• The fair market value of the real property for the first year of the Exemption Period remains the fair market value of the real property and Improvements for the life of the Exemption Period.

• In case there are Phases of the Project, the Exemption Period applies to each year’s investment made during the Investment Period.

• The Tax Exemption Period for an Applicant Project will normally end upon the completion of such project.

• The Agency, for good cause shown, may adopt a resolution extending the period for completion of the project and/or extending the Tax Exemption Period.

• Unless otherwise determined by the Agency, the sales and use tax exemption for an Applicant Project shall be for the Tax Exemption Period commencing with the issuance by the Agency of bonds, notes or other evidences of indebtedness with respect to such project, or the execution and delivery by the Agency of a lease agreement relating to such project, and ending on the date of completion of the project.

More Definitions of Exemption Period

Exemption Period means the period commencing on the day (inclusive) the Borrower receives the notice in Clause 9.1 and ending on the day (inclusive) it receives the notice in Clause 9.2.

Exemption Period means the period during which any Exemption Event has occurred and continues.

Exemption Period means the period from the day (inclusive) on which the Borrower receives a notice under Clause 7.1 to the day (inclusive) on which it receives a notice under Clause 7.2.

Exemption Period means the period from July 1, 2022, through June 30, 2023.

Exemption Period means the period of exemption specified in a notice of exemption under regulation 23(4);

Exemption Period means that period during which all or a portion of the assessed valuation of the improvements has been exempted from real property taxation pursuant to section 725.02 of the Revised Code.

Exemption Period means the number of years of Exemption provided in accordance with the Rules and further set forth in Section 4.01(C), and shall begin January 1 or, if the Project is located in Orleans Parish, beginning on August 1, of the first Project Year after which the Project becomes Operational or completes construction. The Exemption Period for the Project shall not be longer than 10 years—no more than 5 years initially and an additional 5 years if the Exemption is renewed.