Tax Abatement

RESIDENTIAL TAX ABATEMENT

The three year graduated plan will apply to residential building permits issued between July 1, 2016 and July 30, 2021.  

Residential building permits issued through June 30, 2016 will receive the five year graduated tax abatement plan.  The three year graduated plan will apply to residential permits issued between July 1, 2016 and July 30, 2021.

 The City's two commercial tax abatement plans will remain in effect - these are also shown below.

The City Council will review the City's tax abatement plans in 2019 or 2020 and will consider whether changes to the tax abatement plans are warranted.

                                Residential Abatement Plan                                        Residential Abatement Plan                        Building Permits Through June 30, 2016                   Building Permits July 1, 2016 - July 30, 2021

                                75%                        Year 1                                                    75%                        Year 1

                                60%                        Year 2                                                    60%                        Year 2

                                45%                        Year 3                                                    45%                        Year 3

                                30%                        Year 4                                                    -0-                          Year 4

                                15%                        Year 5                                                    -0-                          Year 5

                                                                Commercial Tax Abatement Plans

                                Option 1                                                                                               Option 2

                                80%                        Year 1                                                    100%                     Year 1

                                70%                        Year 2                                                    100%                     Year 2

                                60%                        Year 3                                                    100%                     Year 3

                                50%                        Year 4                                                    -0-                          Year 4

                                40%                        Year 5                                                    -0-                          Year 5

                                30%                        Year 6                                                    -0-                          Year 6