Property Tax Exemption
Property Tax Exemptions
Commercial & Industrial Properties. The project must be new construction or a substantial expansion/rehabilitation of an existing building and meet minimum project requirements for new building value and jobs. Only building improvements are eligible for the exemption. Land and existing improvements (unless demolished) remain taxable. Applications are accepted anytime. Due to notice and public hearing requirements, allow 6 - 8 weeks for approvals.
|
New Building Taxable Value |
Full Time Equivalent (FTE) Jobs - Minimum Created or Retained |
Term of Exemption |
|---|---|---|
|
$150,000-249,999 |
1 |
2 years |
|
$250,000-499,999 |
2 |
3 years |
|
$500,000-999,999 |
3 |
4 years |
|
$1 - $1.99 million |
5 |
5 years |
|
$2 - 2.99 million |
6 |
6 years |
| $3 - 3.99 million |
7 | 7 years |
| $4 - 4.99 million |
8 | 8 years |
| $5 - 5.99 million |
9 | 9 years |
| $6 - 6.99 million |
10 | 10 years |
| $7 - 7.99 million |
11 | 11 years |
| $8 - 8.99 million |
12 | 12 years |
| $9 - 9.99 million |
13 | 13 years |
| $10 - 10.99 million |
14 | 14 years |
| $11 - 11.99 million |
15 | 15 years |
| $12 - 12.99 million |
16 | 16 years |
| $13 - 13.99 million |
17 | 17 years |
| $14 - 14.99 million |
18 | 18 years |
| $15 - 15.99 million |
19 | 19 years |
| $16 million and up |
20 |
20 years |
Multi-Family Residential & Mixed-Use Properties
The project must be new construction or a substantial expansion/rehabilitation of an existing building or the conversion of an existing facility from a commercial or industrial use to a multi-family and/or mixed-use facility. Only building improvements are eligible for the exemption. Land and existing improvements (unless demolished) remain taxable. Applications are accepted anytime. Due to notice and public hearing requirements, allow 6 – 8 weeks for approvals.
|
New Building Value / Unit |
Exemption Amount |
Term of Exemption |
|---|---|---|
|
$55,000 (minimum) |
$25,000 / unit / year |
2 years |
|
$70,000 (minimum)* |
$25,000 / unit / year |
4 years |
*Additional incentive if the project includes structured parking. Structured parking means a below ground garage or ramped parking and does not include at-grade parking garages.
For more information or to request an application, contact Economic Development or call 218.299.5441, toll free 877.833.6667.