Tax Abatement
With tax abatement, the city rebates a portion of property taxes back to the property owner who then uses it to help offset development or redevelopment costs. Tax abatement is simpler and less restrictive than tax increment financing and is quite useful for smaller projects.
However, the availability of tax abatement is limited. In any given year, for all economic development projects taking place, the city can abate an amount equaling no more than 10% of its current net tax capacity.
Eligibility
Tax abatements can be provided for any type of property.
Requirements
- The project must provide one or more of the following public benefits:
- Increase or preserve tax base
- Result in job creation or retention
- Redevelop blighted areas
Rates/Terms
Taxes can be abated for up to 15 years.
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Properties for Sale or Lease
425 South Main st.
Stewartville, MN 55976
