Below are the types and levels of tax abatements available:
- Residential Remodeling, 1 or 2 family buildings: 10 years/100%
- Residential Remodeling, 3-4-family buildings: 12 years/100%
- Residential New Construction, 1-4 family buildings: 15 years/100%
- Commercial/Industrial/5+ family Residential Remodeling or New Construction: Term length/percentage to be negotiated on a case-by-case basis in an agreement approved by City Council.
It is important to note that projects must add substantially to the taxable real property value in order to realize significant savings through an abatement. Projects involving new construction, significant expansions, and major rehabilitation (i.e. gutting/reconstructing the interior of a building) will generally add substantial taxable value. Smaller remodeling projects, such as replacing a roof, windows, siding, flooring, appliances, cabinets or furnishings may not result in any change in taxable value.