What does the 'G' code signify in limited exemptions and abatements?

The 'G' code in the context of limited exemptions and abatements specifically refers to the commercial industrial exemption. This code is utilized in tax assessment practices to identify properties that qualify for specific tax incentives meant to promote commercial and industrial development. Such exemptions encourage economic growth by reducing the tax burden on businesses, ultimately fostering investment in real property and job creation.

The relevance of this code lies in its ability to provide assessors with a clear way to categorize exemptions for commercial and industrial firms distinctively, enabling proper tracking and evaluation of their impact on the community and local economy. In contrast, other exemption types, like those related to dwelling or pollution control, utilize different codes to denote their specific nature and qualifications, thereby clarifying the criteria under which property can be assessed and taxed.