Perry officials plan tax abatement program to revitalize dormant single-family market
KENT DARR Jul 20, 2016 | 9:01 pm
1 min read time
209 wordsAll Latest News, Real Estate and DevelopmentCity officials in Perry hope a new residential tax abatement program will resuscitate demand for new homes.
The program offers a 100 percent abatement of property taxes for five years, then hits a sliding scale in years six through 10 that bottoms out at 15 percent. In addition, residential rehabilitation projects that add $20,000 in assessed value would receive a five-year, 100 percent abatement on the value of the improvements.
One permit for a new, single-family home has been issued since 2010.
City Administrator Sven Peterson said the proposal has strong support from the public, mayor and council.
“Hopefully this program will encourage new home development for current residents to upgrade homes as well as provide options to attract new residents to our community,” Peterson said in an email. “We feel that our community has wonderful amenities, but we needed to offer an incentive to encourage that new home building.”
He said the city has “a couple of housing developments that are shovel ready.”
In addition, the city is in the process of annexing about 160 acres for a new, higher-end housing development and two multifamily projects are under construction.
“We are hoping to upgrade all levels of our housing stock,” Peterson said.
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