A local government may allow a property tax exemption for a business incubator owned or leased and run by a local economic development organization.
A business incubator is a facility with shared business services and assistance to help businesses succeed.
A local economic development organization is a private, nonprofit organization created to provide assistance to local businesses.
The local government must approve this exemption.
The business incubator’s real and personal property is exempt from:
- Local government mills
- Statewide mills, if the local government is a:
- Consolidated government, or
- Incorporated city or town.