Tax Abatement

Residential Tax Abatement 


The property owner must apply for the exemption by February 1st of the assessment year for which the exemption first claimed but not later than February 1st of the next assessment year after the assessment year in which all improvements included in the project are first assessed for taxation. Please note because of when the deadlines fall, the fact that property taxes are paid in arrears, and based on when you move into your home, it is possible that you may pay one year of full taxes before your abatement applies. If you have questions in advance, please contact Polk County or City Hall and ask someone to help walk you through the timeline.


 

The City Council will review the City's tax abatement plans prior to July 31, 2021, and will consider whether changes to the tax abatement plans are warranted.

Residential Abatement Plan

 

75%Year 1
60%Year 2
45%Year 3

Commercial Tax Abatement Plans

Option 1
80%Year 1
70%Year 2
60%Year 3
50%Year 4
40%Year 5
30%Year 6
Option 2
100%Year 1
100%Year 2
100%Year 3
-0-Year 4
-0-Year 5
-0-Year 6

The deadline for filing tax abatement applications is February 1st each year. For example, if improvements are made during the calendar year 2019, the filing deadline for abatement on those improvements is February 1, 2020. Any application filed after that date would not be processed until the following year. Tenant improvement/buildouts have no impact on the filing deadline but would qualify for abatement assuming they meet the criteria for commercial abatement. Business Property Tax Credit has no bearing on tax abatement.