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Buoyed by new schools and parks, affordable cost of living, attractive new building sites, and convenient access to transportation and services, Moorhead's grown by 2,200 households in the past five years. While in 2008 Moorhead represented 23% of the metro area population, 35% of newly constructed homes in the metro area were sold in Moorhead. Moorhead intends to continue building community.
The 2009 construction season is starting a bit late due to the spring flood. Now the flood is over, and we've got some great news for the building community. Thanks to the efforts of Moorhead's state legislative delegation, special tax incentives are now available to buyers of new homes and developers of new apartments.
As part of flood recovery legislation signed into law in May, new homes will receive a two-year property tax abatement on $200,000 of building value, and new apartments will receive an abatement on the first $20,000 value per unit. This program is offered city-wide without income or first-time buyer restrictions.
The incentives were approved for construction years 2009 and 2010, designed to ensure Moorhead's housing market continues to grow post-flood. We are confident that with this short-term assistance from the State of Minnesota, Moorhead will continue to build community.
Check with local builders and real estate professionals to learn what this opportunity means for the housing industry, for consumers, and for the community.
Application for Property Tax Abatement - Click Here.
Frequently asked questions about the two year abatement - Click Here.
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