Application is received and processed by Department of Development. If the property does not qualify, or additional information or permits are needed, the owner will be notified.
Qualifying properties are given a 5-year tax abatement equal to half (50%) of qualifying costs. This abatement applies directly to the property owner’s tax obligation on the property. If property qualifies, then certification form is sent to both the property owner and the Real Estate Assessor’s office.
The property owner's tax obligation on the property is reduced over each of the next five years to reflect the abatement amount.