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The
City Unveils its New Housing Revitalization Program 7/1/02 The City Council
has created a new Housing Revitalization
Program. The new program covers most
of the community and replaces the prior Urban Revitalization Program
by narrowing its emphasis to benefit single family housing only. Although
the new program no longer covers multi-family residential,
commercial, or industrial properties, the program has now been made
more accessible to the owners of single family
housing. More
specifically, if the overall assessed value of a single family
residential property rises by a minimum 10% or more, the owner can qualify for a
100% tax exemption on the value of the new improvements over a 3-year period
but only on the first $75,000 of new value added. Examples
of how value is added includes projects that build, rehabilitate, or otherwise improve their properties.
This can include new homes, garages, home additions, and similar
projects. Whether a candidate
property has increased its value by 10% or more is determined by the
Jackson County Assessor.
The reasoning behind this type of economic development
incentive is that it attempts to "revitalize" and expand the long-term
tax base within a designated area by offering short-term incentives
over the first years of the lifetime of a new improvement.
In Maquoketa, for example, the
City's building permit records in recent years have shown a
sluggish expansion in single family homes. The City Council is hoping to use
this program to jump-start this aspect of the local economy.
To view a Fact Sheet for the City's Housing Revitalization Program, please click on the Economic Development
web page under "Housing Revitalization
Program Fact Sheet."
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