Urban Revitalization Tax Abatement Form

SERGEANT BLUFF, IOWA RESIDENTIAL Ordinance 553 – approved November 23, 2010

IMPORTANT: This application must be approved by the City Council and filed with the County Assessor by February 1 of the year in which the property claimed for exemption is first assessed for taxation, or the two following years. Applications are due at City Hall by 5:00 p.m. on January 15th, to ensure adequate time for approval by the Planning and Zoning Commission and the City Council.

  • Date Format: MM slash DD slash YYYY
  • Date Format: MM slash DD slash YYYY
  • TAX EXEMPTIONS 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 years, or a partial exemption for a period of ten years, except that any such improvements must increase the actual value of residential or commercial property by at least 15%. This does not apply to properties within a previously existing and applicable Urban Revitalization Plan area until the existing plan expires.

TAX EXEMPTION SCHEDULES

  1. Qualified Real Estate – All qualified real estate assessed as residential property is eligible to receive an exemption of 115% of actual value added by the improvements, not to exceed $20,000.
  2. Partial Exemption – All qualified real estate assessed as residential and all qualified real estate assessed as commercial property consisting of three (3) or more separate living quarters with at least seventy-five percent (75%) of the space used for residential purposes; and, upon expiration of any previously applicable Urban Revitalization plan, all qualified commercial property is eligible to receive a partial exemption on the actual value added by the improvements. The partial exemption is for a period of ten (10) years, determined as follows:
    1. First year – 80%
    2. Second year – 70%
    3. Third year – 60%
    4. Fourth year – 50%
    5. Fifth year – 40%
    6. Sixth year – 40%
    7. Seventh yr. – 30%
    8. Eighth year – 30%
    9. Ninth year – 20%
    10. Tenth year – 20%
  3. Three Year Exemption: One-Hundred Percent – All qualified real estate assessed as residential and all qualified real estate assessed as commercial property consisting of three (3) or more separate living quarters with at least seventy-five percent (75%) of the space used for residential purposes; and, upon expiration of any previously applicable Urban Revitalization plan, all qualified commercial property is eligible to receive a one hundred percent (100%) exemption on the actual value added by the improvements for a period of three (3) years.
  4. Election – The owners of qualified real estate for the exemption shall elect to take the applicable exemption provided above. Once the election has been made and the exemption granted, the owner may not change the method of exemption.