Section 36-88-8 - Tax exemption(a)(1) The governing body of a local government or governments creating an enterprise zone other than an enterprise zone under subsection (g) of Code Section 36-88-6, shall include in the creating ordinance a provision to exempt qualifying business and service enterprises from state, county, and municipal ad valorem taxes that would otherwise be levied on the qualifying business and service enterprises not to exceed the following schedule: (A) One hundred percent of the property taxes shall be exempt for the first five years;(B) Eighty percent of the property taxes shall be exempt for the next two years;(C) Sixty percent of the property taxes shall be exempt for the next year;(D) Forty percent of the property taxes shall be exempt for the next year; and(E) Twenty percent of the property taxes shall be exempt for the tenth year.(2) For any qualifying business or service enterprise, the schedule provided for in paragraph (1) of this subsection may begin in any year during which an area has an enterprise zone designation. Such tax exemption may continue even if the area's enterprise zone designation has terminated. A minimum of five new jobs must be maintained for a qualifying business or service enterprise to maintain eligibility for the tax exemption provided pursuant to this Code section.(b) If the project consists of new residential construction, residential rehabilitation, or other rehabilitation of an existing structure and the value of the improvement exceeds the value of the land by a ratio of five to one, then the exemption schedule in subsection (a) of this Code section shall also apply whether or not the project is carried out by a qualifying business or service enterprise.(c) In no event shall the value of the property tax exemptions granted to qualifying business and service enterprises within an enterprise zone created by a city, a county, or both, exceed 10 percent of the value of the property tax digest of the creating jurisdiction or jurisdictions.Amended by 2017 Ga. Laws 24,§ 4, eff. 7/1/2017.Amended by 2004 Ga. Laws 724, § 5, eff. 5/17/2004.