City of Galveston
The City abatement policy requires a
minimum of $500,000 capital investment and the retention or
creation of 5 jobs for four years of abatement after construction,
an investment of $1 million and 10 jobs for five years of abatement,
$1.5 million and 10 jobs for 6 years, and $2.5 million and 20
jobs for 7 years of abatement. The City policy, as well as the
others that follow, also provides for 100% abatement during
construction for a maximum of two years. The City tax rate is
$0.5494 per $100 assessed value in 1998.
The County abatement policy requires
a minimum of $3,000,000 total expenditure for construction and
that the project be expected to create employment for at least
15 additional people on a permanent basis in Galveston County
or provide at least 15 retained jobs. The abatement is for three
years. If the Commissioners Court determines that the project
would enhance neighboring tourist-related businesses, an expenditure
of $2 million will qualify.
The County abatement policy also requires
employment of Galveston County residents. For 100% abatement,
at least 80% of the employees must be local. Percentage of abatement
decreases with a reduction in percentage of local employees.
The County tax rate was $0.52 per $100 assessed value in 1998.
The Community College abatement policy
is the same as GISDs policy. The Community College tax
rate is $0.1878 per $100 assessed value in 1998.
Galveston County Navigation
District Number 1
The Navigation District has no written policy but has followed
the City policy on a case-by-case basis in the past and will
consider each application individually. The Navigation District
tax rate is $0.03961 per $100 assessed value in 1998.
|For more information
621 Moody, Suite 300
Galveston, Texas 77553
Phone: (409) 770-0216
fax: (409) 770-0692