By Deb Hadachek – Belleville Telescope
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Republic County Commissioners plan to extend a program that offers property owners a five year tax rebate on qualifying new construction.
The Neighborhood Revitalization Program will be extended through 2025. Beginning January 1, 2021, the market value of new construction to qualify for the program will be lowered to $25,000, and the application fee will increase to $200.
Luke Mahin, Republic County Economic Development Director, told commissioners that new construction in the county valued at $12.8 million in the county has enrolled in the program since 2012.
“Fifty of those properties have completed the program and are now on the tax rolls at their full value,” he said.
He said the people who took advantage of the program are divided evenly between residential property owners and ag construction. The data shows 27 ag-use buildings, 21 commercial buildings, 15 farm residences, and 26 residential projects.
Under terms of the program, property owners receive a 95 percent tax rebate on the value of the new construction only in the first year, and 90 percent, 70 percent, 40 percent and 20 percent in subsequent years.
“This program has been a good way to encourage renovations, additions and new construction of commercial, residential, agricultural and industrial property in the county,” Mahin said. He said he believes some people pursue bigger projects than they may initially build because of the tax rebate incentive.
People must apply to participate with the Republic County Appraiser’s Office before construction begins.
Mahin plans to visit with local city councils and school districts to affirm they want to continue to participate in the rebate program as well. Commissioners can only approve the project for the Republic County portion of the property tax bill.
Contact Republic County Appraiser’s office for the NRP application or click below.