In 1997, the Georgia General Assembly enacted the Enterprise Zone Employment Act recognizing the need for revitalization in many areas of Georgia. The State Enterprise Zone program intents to promote reinvestment along distressed business corridors by incentivizing property tax abatement and certain fee waivers. Property tax abatement is graduated over a 10 year period for business investments that are located within an Enterprise Zone and meet one of the following requirements:
Job Creation Incentive - Create and maintain five new full-time equivalent jobs for the duration of the ten year graduated tax abatement period.
Land Improvement Incentive - Invest in new residential construction or rehabilitation or other rehabilitation of an existing structure such that the value of the improvements exceeds the value of the land by a ratio of five to one according to the Chatham County Tax Assessors valuation.