Thursday, December 14, 2017
City Of Marshalltown
News

Tax Abatement program offers extended abatement for Residential properties

Department: City Clerk
Date: 09/18/15

The application for tax abatement has been modified to reflect the amendment to the Urban Revitalization Plan for residential properties in the City of Marshalltown. 

 The Urban Revitalization Plan for the Marshalltown Revitalization Area No. 3 is hereby amended as follows:

“Section J. EXEMPTIONS, is revised to read as follows:

All qualified real estate assessed as residential property, assessed as commercial property, if the commercial property consists of three or more separate living quarters with at least seventy-five percent of the space used for residential purposes or assessed as multiresidential property, if the multiresidential property consists of three or more separate living quarters with at least seventy-five percent of the space used for residential purposes,  is eligible to receive an exemption from taxation on the actual value added by the improvements in accordance with one of the following schedules, which must be selected by the property owner in the application for tax abatement:

Three-year schedule       Five-year schedule         Ten-year schedule

Year 1              100%               100%                                       80%

Year 2              100%                 80%                                       70%

Year 3              100%                 60%                                       60%

Year 4                                      40%                                       50%

Year 5                                      20%                                       40%

Year 6                                                                                   40%

Year 7                                                                                   30%

Year 8                                                                                   30%

Year 9                                                                                   20%

Year 10                                                                                  20%”

 



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Contact
Shari Coughenour
E-Mail: clerk@ci.marshalltown.ia.us

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