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There are several ways business may qualify for property tax abatement on buildings and land. The most commonly used are Constitutional Tax Abatements and Industrial Revenue Bonds.
New or existing businesses who use the property for manufacturing, research and development or the storing of goods for interstate commerce may qualify for all or a portion of the building's property tax to be abated. New jobs must be created.
We work with you to explore which opportunities are available, based on your plans.
Businesses can finance up to 100% of new or expansion of land, buildings, and equipment through the use of Industrial Revenue Bonds which are issued by cities and counties.
A benefit of IRBs which applies to both tax-exempt and taxable bonds is the eligibility for 50 to 100 percent property tax abatement for financed facilities for up to 10 years. As well as sales tax exemption for labor and materials used for new facilities.
This program allows a tax rebate for any additional property taxes as a result of qualified improvements such as new construction, additions, or major rehabilitation.
General maintenance repairs usually do not increase the assessed value of the property unless several are completed during the same period.
To qualify, any improvements to the property must remain in good standing throughout the rebate period, and the rebate must be claimed as income on federal income taxes.