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e e effect of improving current environmental conditions. (d) Eligible Property. Abatement may be extended to the value of buildings, structures, fixed machinery and equipment, site improvements plus that office space and related fixed improvements necessary to the operation and administration ofthe facility. The value of all property shall be the Certified Appraised Value for each year, as finally determined by the County Appraisal District ("HCAD"). (e) Ineligible Property. The following types of property shall be fully taxable and ineligible for abatement: land; inventories; supplies; tools; furnishings, and other forms of movable personal property; vehicles; vessels; aircraft; housing; hotel accommodations; deferred maintenance investments; property to be rented or leased (except as provided in the Section 66-142(f), "Owned/Leased Facilities"); property which has an economic life ofless than 15 years; property owned or used by the State of Texas or its political subdivisions or by any organization owned, operated or directed by a political subdivision of the State of Texas, or any property exempted by local, state or federal law . When such exempted property includes manufacturing machinery and equipment listed in the Investment Budget (as required in Section 3, "Application"), then the value of such property may not be included toward the achievement of the investment or valuation thresholds set out in the Tax Abatement Agreement. (f) Owned/Leased Facilities. If a leased facility is granted abatement the agreement shall be executed with the lessor and the lessee. (g) Value and Term of Abatement. A tax abatement shall be granted in accordance with the terms of a Tax Abatement Agreement, as follows: 1. Either with the January 1 st valuation date immediately following the date of execution of the agreement or a subsequent January 1st valuation date not more than three years after execution of a tax abatement agreement, but not beyond the completion of construction. Projects are eligible for abatement of new value, subject to an abatement cap: to be calculated as $1,000,000 per job created/retained times the number of such jobs as required in the abatement agreement. Such cap shall not exceed the increased value requirement as set out in the abatement agreement, and will be adjusted annually (as set out in Section 66-142 (j), "Taxability"). Under no circumstances will any facility be granted the benefit of a tax abatement for longer than ten (10) years. Value subject to abatement must remain greater than or equal to the contractually-defined "Minimum Value Requirement. " To determine the amount of each year's exemption, the adjusted cap shall be multiplied by a sliding scale as follows: - 6 -