891c

All the projects that have been declared eligible by the consulting group that are established within a period of five (5) years after the delimitation of the special economic development zone, as provided in this chapter, shall be entitled to an exemption of fifty percent (50%) and up to one hundred percent (100%), created by municipal ordinance, on the property tax levied for a term of twenty-five (25) years pursuant to §§ 5001 et seq. of this title, known as the 'Municipal Property Tax Act of 1991'. The exemption shall take effect as of January 1, following the year in which the business or enterprise is begun. The Municipal Revenues Collection Center shall establish, through regulations, the procedure to receive this exemption. History —Aug. 10, 2002, No. 153, § 5.