Tax abatement does not subtract from existing property taxes. Rather, it allows companies to gradually phase in new taxes, through the creation of an Economic Revitalization Area (ERA). In return, the company demonstrates the tangible benefits of its proposed expansion project, and agrees to annual monitoring and compliance by the Department of Development and the Kokomo Common Council.
When considering abatement, the city looks at a company's impact on the community and on the lives of its workers. Considerations would include wages and benefits, community service and the residency status of employees. The company must agree to retain and add a set number of jobs, and must file compliance forms each year to verify the level of employment and investment.
All programs subject to available funding, and satisfaction of qualifying criteria. Most programs include an application process and final approval.
For More Information regarding either of these programs, please contact the Department of Development at email@example.com or 765-456-7375.