Vacant Dwelling Property Tax Credit
The Vacant Dwelling Property Tax Credit encourages the renovation and reuse of residential vacant properties. The program provides a 5-year tax credit with 100% relief from the increase in your city property tax increase in the first year. The credit declines 20% each year for the following four years. The property must be cited as vacant and abandoned on a housing or building code violation notice for one year; or, have been owned by the Mayor and the City Council for more than one year, and are in need of substantial repairs to comply with applicable city codes.
This program reduces your property taxes.
ELIGIBILITY & LIMITATIONS
- You must live in the home as your primary residence after the rehabilitation.
- Property must be substantially rehabilitated by the owner, bringing it into compliance with all codes and laws applying to the dwelling
- Property must be residential with no more than four dwelling units.
- The credit is applied only to the increased value of the home due to the improvements.
- If the property is sold within the five years of eligible credit, the credit may be passed to the new owner for the remaining years until the credit expires.
ADDITIONAL REFERENCES & RESOURCES
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