If a business entity meets the requirements of Section 10-235.14 and Subsection 10-235.15(a) of this Subdivision, and any applicable State law, the Director shall compute the amount of the New Jobs Tax Credit granted under this Subdivision for new or expanded premises and the personal property located on those premises that may be claimed against the County property taxes that would otherwise be due to equal a percentage of the amount of property tax imposed on the assessment of the new or expanded premises, as follows: 52% during the first and second taxable years in which a credit is allowed; 39% during the third and fourth taxable years in which a credit is allowed; 26% during the fifth and sixth taxable years in which a credit is allowed; and 0% for each taxable year thereafter. If a business entity meets the requirements of Section 10-235.14 and Subsection 10-235.15(b) of this Subdivision, and any applicable State law, for the first 12 taxable years after it qualifies for the credit, an Enhanced New Jobs Tax Credit may be claimed against the County property taxes that would otherwise be due. The Director shall compute the amount of the property tax credit granted to equal 58.5% of the amount of property tax imposed on the increase in assessment of: the new or expanded premises; newly renovated real property improvements adjoining or otherwise neighboring the new or expanded premises, if the renovations are substantial; and the personal property located on the premises described in items (A) and (B) of this Subparagraph. A renovation is substantial for purposes of this Subsection if the renovation results in a complete rehabilitation of at least 50% of each building on the property. The increase in assessment shall be measured from the notification date to the applicable annual assessment date after the Director has certified that the business entity has qualified for the credit. The lessor of real property eligible for property tax credits under this Subdivision shall reduce by the amount of property tax credits computed under this Subdivision the amount of taxes for which an eligible business entity is contractually liable under the lease agreement.