Property Tax Exemption

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Property Tax Exemptions

Commercial & Industrial Properties. The project must be new construction or a substantial expansion/rehabilitation of an existing building and meet minimum project requirements for new building value and jobs. Only building improvements are eligible for the exemption. Land and existing improvements (unless demolished) remain taxable. Applications are accepted anytime. Due to notice and public hearing requirements, allow 6 - 8 weeks for approvals.

 

New Building Taxable Value

Full Time Equivalent (FTE) Jobs - Minimum Created or Retained

Term of Exemption

$150,000-249,999

1

2 years

$250,000-499,999

2

3 years

$500,000-999,999

3

4 years

$1 - $1.99 million

5

5 years

$2 - 2.99 million

6

6 years

 $3 - 3.99 million
7  7 years
 $4 - 4.99 million
 8  8 years
 $5 - 5.99 million
 9  9 years
 $6 - 6.99 million
 10  10 years

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Multi-Family Residential & Mixed-Use Properties

The project must be new construction or a substantial expansion/rehabilitation of an existing building or the conversion of an existing facility from a commercial or industrial use to a multi-family and/or mixed-use facility. Only building improvements are eligible for the exemption. Land and existing improvements (unless demolished) remain taxable. Applications are accepted anytime. Due to notice and public hearing requirements, allow 6 – 8 weeks for approvals.

New Building Value / Unit

Exemption Amount

Term of Exemption

$55,000 (minimum)

$25,000 / unit / year

2 years

$70,000 (minimum)*

$25,000 / unit / year

4 years

*Additional incentive if the project includes structured parking. Structured parking means a below ground garage or ramped parking and does not include at-grade parking garages.

Download Application

Download Timeline

For more information or to request an application, contact Economic Development or call 218.299.5441, toll free 877.833.6667.