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Property Tax Abatement & Sales Tax Exemption Program - - PowerPoint PPT Presentation
Property Tax Abatement & Sales Tax Exemption Program - - PowerPoint PPT Presentation
Property Tax Abatement & Sales Tax Exemption Program thinkurbana.com urbanaillinois.us/thinkurbana partners: Champaign County, Urbana School District, Urbana Park District, CUMTD, Cunningham Township BOUNDARY 9.2 square miles total
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Champaign County, Urbana School District, Urbana Park District, CUMTD, Cunningham Township
partners:
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BOUNDARY
» 9.2 square miles total
3.7 residential 4.7 commercial/industrial 0.8 future planning area
» Limit 12 square miles » Broadly inclusive
- f developable
properties
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BOUNDARY
» Detailed PDF map:
urbanaillinois.us/ez
» Interactive map:
maps.ccgisc.org/public
Instructions on using the Interactive map can also be found at urbanaillinois.us/thinkurbana
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Sales Tax Exemptions on Building Materials Property Tax Abatements
https://www.fmickr.com/photos/lawrenceyeah/9298775222, http://www.freestockphotos.biz/stockphoto/14500
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New Permenantly Affixed Purchased from eligible IL retailer
Materials must be:
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New Residential: 5 years
City of Urbana, School District, Park District Cunningham Township,CUMTD, Champaign County
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New Single Family New Duplex Mixed-Use New Townhome
Must contain at least 20% commercial space
https://www.fmickr.com/photos/wonderlane/5717057107, https://www.fmickr.com/photos/nnecapa/2808625039, https://www.fmickr.com/photos/ pnwra/635457041, https://en.wikipedia.org/wiki/Leadership_in_Energy_and_Environmental_Design, https://en.wikipedia.org/wiki/Buildings_ and_architecture_of_Brighton_and_Hove , https://commons.wikimedia.org/wiki/File:Kirkland_Vertical_mixed_use_(4575235975).jpg,
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New Residential
Sales Tax Exemptions Property Tax Abatements
$1,000 $80,000
To qualify for incentives projects must have the following minimum project costs:
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» Projects located in TIF Districts can receive Sales Tax Exemptions but not Property Tax Abatements » Residential projects must be new construction to qualify for all incentives
TIF Districts New Construction TIF Enterprise Zone
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Master Application Building Permit Sales Tax Exemption Certificate Forms Property Tax Abatement Forms Abatement Agreement Fees
» Must obtain to gain Incentives. » Contact the Building Safety Department at (217) 384-2443
call (217) 384-2443 1st step
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Master Application Building Permit Sales Tax Exemption Certificate Forms Property Tax Abatement Forms Abatement Agreement Fees
» Submit within 90 days of building permit » Only 1 required per project
90 days 1 application
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Master Application Building Permit Sales Tax Exemption Certificate Forms Property Tax Abatement Forms Abatement Agreement Fees
» Each entity seeking a Sales Tax Exemption Certifjcate must complete » Complete prior to purchase of materials
each entity prior
to purchase
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Master Application Building Permit Sales Tax Exemption Certificate Forms Property Tax Abatement Forms Abatement Agreement Fees
» Submit within 90 days of building permit » Each property owner must complete » Typically on tax bill two calendar years post project completion
each entity 90 days 2 years
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Master Application Building Permit Sales Tax Exemption Certificate Forms Property Tax Abatement Forms Abatement Agreement Fees
» Submit within 90 days of building permit
90 days
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Master Application Building Permit Sales Tax Exemption Certificate Forms Property Tax Abatement Forms Abatement Agreement Fees Service Fee Sales Tax Exemption Certifjcate » 0.5% of total eligible construction material costs, » $50,000 maximum. » Free if materials less than $5,000 Property Tax Abatement » 5 year abatement: $250 » 6 year abatement: $600 » 7 year abatement: $700 Enterprise Zone Boundary Amendment » Boundary Amendment requests must be approved by City staff prior to fee. » 0.5% of estimated total construction material costs, not to exceed $1,500.
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