Tax Abatements

Tax Abatements:

Single Family and Duplexes: All qualified real estate assessed as residential property is eligible to receive a one hundred percent (100%) exemption from taxation on the first seventy-five thousand dollars ($75,000) of actual value added by the improvements. The exemption is for a period of three (3) years. Improvements must increase the assessed value by a minimum of 10%.

Multi-family housing: All qualified real estate assessed as residential property is eligible to receive a one hundred percent (100%) exemption from taxation on actual value added by the improvements. The exemption is for a period of ten (10) years. Improvements must increase the assessed value by a minimum of 10%.