What is the Urban Revitalization Tax Abatement Program?
The Iowa State Code (Chapter 404) authorizes cities to abate property taxes for qualified improvements to real estate that is located within designated urban revitalization areas.
The City of Sergeant Bluff has created a citywide urban revitalization district to encourage either residential or commercial to reinvest or build a new home.
What is a qualified improvement?
Qualified improvements include:
Rehabilitations that add value to a home
Additions to existing homes
All qualified real estate property is eligible to receive a 100% exemption from taxation on the actual value added by the improvements for a period of three (3) years, or a partial exemption for a period of ten (10) years, except that any such improvements must increase the actual value of commercial or residential property by at least 15%
What properties qualify?
Residential (both single and multi-family), and commercial properties may take advantages of the tax abatement.
When and how do I apply?
The application must be approved by the City Council and filed with the County Assessor by February 1st of the year in which the property claimed for exemption is first assessed for taxation, or the 2 following years. Applications are due at City Hall by 5:00pm on January 15th, to ensure adequate time for approval.
Can applications get denied?
Yes. Applications may be denied under the following circumstances:
How often do I apply?
| * The improvements were completed after the urban revitalization area expired.
| * The application was submitted after the required deadline.
| * The improvements you made to your property did not meet the county's regulation or did not
| add taxable value to the property.
If you make no additional improvements to the property, only need to file one (1) application in the year in which the improvements were completed.
If you make improvements over many years, submit an application each year that qualifying improvements to the property.
How long do I have to apply?
You must apply for the tax exemption within two (2) years of the improvements made and within the effective date of the urban revitalization district.
For the first year what is the abatement abating?
The property structure. (The structure is exempt when it is 100% complete.)
When do the customer and the City get notified when the assessment is complete?
The customer and the City should receive a letter by April with the tax exempt schedule. If neither the customer nor the City has received the letter by May 1st you may call the county assessor (712) 279-6535 to request a copy.
Urban Revitalization Tax Abatement Application (Residential)
Urban Revitalization Tax Abatement Application (Commercial)
To access the Beacon website for legal descriptions on a property click here.