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Housing Revitalization Program Fact Sheet
(City Ord. #967, published on
6/15/02 and Urban Revitalization tax exemption, IA Code Chapter 404)
In June 2002, the City established an Urban Revitalization Area
under Chapter 404 of the Iowa Code. The objective of the program is
to redevelop a selected Urban Revitalization Area in order to
improve public health and safety and to restore the area to a status
of economic vitality within the community. Note: This program
cannot be used incompatibly with Tax-Increment Financing (TIF.) For
example, this program cannot be used in the Shoreline Addition, the
Timber City Golf Addition, or the Downtown Central Business
District.
Program Benefits.
Under this program, one type of tax exemption is possible. This
option is a 3-year, 100% tax exemption to taxes payable on the first
$75,000 of new value added by new improvements to single family
residential property.
Eligibility. The
program may be used on qualified residential property that was
within the City Limits as of January 18, 2000. Real estate
that qualifies for the benefits of this program shall mean:
1.) In order to qualify for the tax exemption
provided in the program, the improvements made to qualified real
estate must increase the assessed taxable value of such real estate
by at least ten (10) percent. Again, this applies only to single
family residential property. Other types of residential or
commercial/industrial property are not eligible.
2.) Land upon which no structure existed but has
new construction added to it during the lifetime of the Area.
3.) Projects involving new construction must be
approved by the Maquoketa City Council in a timely fashion then
referred to the Jackson County Assessor and any other corresponding
County Office. More specifically, an application must be filed with
the City by February 1 of the year in which the property claimed for
exemption is assessed for taxation. Applications that are approved
by the Council will be forwarded to the County Assessor's Office by
no later than the corresponding March 1.
Projects involving reconstruction, rehabilitation,
remodeling, and/or adding on an addition require City Council
approval prior to the beginning of a project.
4.) "Improvements" that raise the value
of eligible property include rehabilitation and additions to
existing structures as well as new construction on vacant land or on
land with existing structures.
5.) This program shall remain in effect until Iowa
Code, Chapter 404 and/or City Ordinance #967 are amended or
repealed.
Application.
Application forms are available from the City's Economic Development
Director at the Maquoketa Chamber of Commerce (563-652-4602, 117 S
Main Street) or the City Manager (563-652-2484) at the Maquoketa
City Hall.
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