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Property Tax Abatement

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Tax abatement on real and personal property improvements may be granted by all taxing entities in Kilgore except Kilgore Independent School District.  The company must meet requirements associated with the value of capital improvements and either job creation or payroll increases maintained throughout the term of the agreement.  The City of Kilgore will create a reinvestment zone and adopt a tax abatement agreement with primary employers according to the following two schedules. 
 
Tax Abatement Schedule I
 
 
Capital Improvements and
Full-time Job Creation or
Payroll Increase
$1,000,000
25 or More
$625,000 Annually

 

 

 
Abatement Schedule
 
 
Year
Percentage
 
1-3
 100%
 
4
 75%
 
5
 50%
 
6
  25%
 
 
 
 
Tax Abatement Schedule II    
Capital Improvements and Full-time Job Creation or  Payroll Increase
$500,000 5-24 $250,000

 

 

 
Abatement Schedule    
Year  Percentage  
1-3  50%  
4  37.5%  
5  25%  
6  12.5%  

For a description of procedures click HERE.