Rockwell works on new tax abatement plan
The Rockwell City Council met with Chris Diggins of NIACOG during their regular meeting on Wednesday, October 1 to go over the process of renewing city’s urban revitalization plan.
The city’s former plan, which expired in February, is what allowed the city to provide tax incentives for property owners looking to make new improvements in the city. This includes homeowners building new additions or businesses renovating their buildings.
“You have to have a plan to have a tax abatement,” said Diggins.
The urban revitalization plan allows the city to abate the taxes for property that increases its value. Improvements that increase the value of a property by more than 10% can qualify for abatement, which can reduce up to $75,000 of valuation when it comes time to calculate the property tax.
Read the full article in the October 9 edition of the Enterprise.
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