1. A community in which an eligible business’s project is located may grant the eligible business a property tax exemption for a portion of the actual value added by improvements to real property directly related to the eligible business’s created jobs. The community may allow a property tax exemption for a period not to exceed twenty years beginning the year that the improvements to real property are first assessed for taxation.
2. For purposes of this section, “improvements” means new construction, and rehabilitation of and additions to existing structures.
3. A property tax exemption granted under subsection 1 shall apply to all taxing districts, except for school districts, in which the real property is located.