March 4, 2010

City increases tax exemption limit on all new buildings

In an effort to promote the construction of new homes and renovation of existing ones, the Center City Council approved a resolution to increase the current city property tax exemption at its monthly meeting March 1.

Council members raised the present two-year tax exemption for new construction from $75,000 to $150,000. The exemption would go into effect following the year in which the construction was completed. City Auditor Becky Vosberg said this amount is the limit the State Legislature set last year. The council extended this exemption to include townhouses and condominiums.

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