This tax credit is available to a taxpayer against the County property tax imposed on a manufacturing, commercial, or industrial building that is located in an Arts and Entertainment District and is wholly or partially renovated for use by a qualifying residing artist or an arts and entertainment enterprise. This real property tax credit applies for 10 years, providing the building continues to be used by a qualifying residing artist or an arts and entertainment enterprise.

The tax credit is based on growth in property assessments. The Base Year Assessment is the real property assessment for the year before any renovation is done. The credit is based on the increase in the assessment for each of the next 10 years compared to the base year assessment. The credit itself will be given on the actual taxes that result from the increase in assessment.

For the calculation of the credit, see link below.