ECD: Enterprise Zones
What are Enterprise Zones?
The State Enterprise Zone program intends to improve geographic areas within cities and counties that are suffering from disinvestment, underdevelopment, and economic decline, encouraging private businesses to reinvest and rehabilitate such areas. In August 2012 the City of Macon adopted an Enterprise Zone ordinance and designated two large areas within the City in South Macon and East Macon as Enterprise Zones.
What incentives do Enterprise Zones provide for property owners?
Enterprise Zones provide property tax abatement or exemption OCGA 36-88-8(a)(1) and abatement or reduction in occupation taxes, regulatory fees, building inspection fees, and other fees that would otherwise be imposed on qualifying business -- OCGA §36-88-9(a)
The Enterprise ordinance include a schedule of exemptions, reductions and abatement's. The benefits include:
(A) 100% of the property taxes shall be exempt for the first 5 years;
(B) 80%t of the property taxes shall be exempt for the next 2 years;
(C) 60% of the property taxes shall be exempt for the next year;
(D) 40% of the property taxes shall be exempt for the next year; and
(E) 20%t of the property taxes shall be exempt for the last year.
What property may qualify for Enterprise Zone incentives?
In order for a property to qualify for Enterprise Zone incentives, it must first be located in an Enterprise Zone.
1. Additionally, a minimum of five new jobs must be maintained for a qualifying business or service enterprise to maintain eligibility for the tax exemption
2. If the project consists of new residential construction, residential rehabilitation, or other rehabilitation of an existing structure and the value of the improvement exceeds the value of the land by a ratio of five to one, then the exemption schedule in the ordinance shall also apply whether or not the project is carried out by a qualifying business or service enterprise.
3. In no event shall the value of the property tax exemptions granted to qualifying business and service enterprises within an enterprise zone created by a city, a county, or both, exceed 10 percent of the value of the property tax digest of the creating jurisdiction or jurisdictions.
Are there any areas in Macon that are currently designated Enterprise Zone?
Yes. In August 2012 the City of Macon designated two areas as Enterprise Zones in South and East Macon. Please click on links below for maps.
|East Macon Enterprise Zone||576.52 KB|
|South Macon Enterprise Zone||1.25 MB|