This program provides for a 5-year property tax abatement for the expansion, restoration, improvement and development of existing commercial structures and owner-occupied residences. To qualify, commercial property owners and homeowners must expand, restore, improve or develop an existing structure in a designated Downtown Development District, Economic Development District or Historic District. Properties listed on the National Register of Historic places are also eligible regardless of the above. The following benefits are available:
- A five-year deferred assessment on the ad valorem property taxes assessed on the renovations and improvements. The taxes due during this 5-year period will be based on the assessed valuation prior to commencement of the improvements.
- Any equipment that becomes an integral part of the structure also qualifies for the abatement.
The program does not exempt the acquisition costs of the structure.
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