Demolition/Rebuild Property Tax Rebate Program
This program is available to persons who own and occupy a one family detached dwelling in the City who agree to demolish the existing residence and to construct a new residence at the same location. Additional, a developer or builder may qualify for the program if the developer or builder owns a single-family residence in the City and agrees to demolish the residence and construct a new single family residence at the same location provided however any incentive to be paid pursuant the program agreement will not be paid to the developer or builder but rather shall be paid to the first person that owns and occupies the new residence. In the case of a developer or builder the program agreement will be assignable to the first owner occupant of the new residence within 24 months after completion of construction of the new residence, who will then be entitled to payment of the incentives. The incentive will no longer be available, if the owner or developer fails to sell and transfer the new residence to an owner/occupant within the twenty-four (24) month period.
Incentive
The City will provide seven (7) annual consecutive economic development incentive grants. Each incentive shall be equal to one hundred percent (100%) of the difference between the City property taxes assessed and paid for the new improvement (excluding the land) for a given tax year and the City property taxes assessed and paid for the residential structure (prior to demolition) (excluding the land) for the tax year in which the structure was demolished (the “Base Year”).
For more information concerning the Demolition/Rebuild Property Tax Program, call 972.919.2515.