Ann Arbor Gives NanoBio Tax Abatement

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At its Sept. 7 meeting, the Ann Arbor city council voted unanimously to award a tax abatement to NanoBio, based on an expansion that is hoped to add several jobs to the biotech company. The value of the taxes to be abated – on $200,000 worth of building improvements and $483,000 in equipment to be purchased – is estimated to be a total of $30,000 over the next five years.

The total state equalized value of all property in the city is $5,286,396,700. The total of abated property is $7,021,729, or 0.133% of the total. The city is thus comfortably under the 5% total abatement allowed by law.

This brief was filed from city council chambers. A detailed report of the meeting will follow: [link]