The Board of Mayor and Commissioners of the City of Clarksdale may exempt from City
ad valorem taxation, but excluding Clarksdale Municipal Separate School District ad
valorem taxation, the amount of any increase in assessed valuation occasioned by new
construction of buildings or structures, or improvements to or renovations of existing
structures, the assessed valuation of a qualifying property, as determined by the
Coahoma County Tax Assessor, shall remain the same as it was prior to such new construction
or improvements to or renovation of existing structures, for an initial period of
five (5) years. For the next five (5) years thereafter, so long as the structure shall
continue to comply with all building use and occupancy codes of the City of Clarksdale,
the amount of the assessed value of the property shall be increased by one-fifth (1/5th)
of the difference between the assessed value before such new construction or renovations
or improvements, and the assessed value after completion of such new construction
or renovations or improvements, per annum for each of the sixth through tenth years
of the exemption. After the tenth year following the initial grant of the exemption,
the property shall no longer be entitled to any further exemption.
