Property Sold or Donated to a Local Economic Development Organization
Overview
Local governments may offer a tax exemption for land sold or donated to a local economic development organization.
To be eligible, the improvements or land must:
- Be sold or donated to a local economic development organization,
- Not be used for six months before the sale or donation, and
- Be approved by the local government.
A local economic development organization is a private, nonprofit organization created to help local businesses.
Benefit
The donated or sold commercial property is exempt from mills levied for:
- Universities,
- High schools,
- Elementary schools, and
- Other levies required by state law.