A five-year property tax break applied to any new construction or renovations that increase a property’s assessed value by $30,000 or more.
In 2004 there were 10 projects eligible for the downtown property tax abatement program. In 2005, there were 13 projects eligible for the downtown property tax abatement program.
Commercial, office, apartment and industrial uses are eligible. No taxes are paid on the increased value during the first year. The property taxes then slowly phase in at 20 percent increments during the subsequent four years.
Go to Reduced Taxation Program page for more information.
