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June
26
26
Davenport, IA Passes Tax-Rebate Program: Davenport NOW
DAVENPORT-- Aldermen Wednesday approved a tax-rebate program for new home construction they hope will spur economic development. The program, known as Davenport NOW, rebates 50 percent of the city's portion of taxes on new assessed value for construction of more than $5,000, which includes additions to existing structures, for 10 years. According to the ordinance, both businss and residential property owners are eligible, as long as the owner occupies the structure. Rental property improvements also will be eligible, but not new rental properties or those converting owner-occupied structures into rental properties. Proponents said the program was a good incentive for new construction. That means more business for a myriad of small business, said Mayor Bill Gluba. "It's pretty simple," he said. "We're going to lower the taxes of people who improve our city." Ald. Nathan Brown, 1st Ward, who cast the only vote in opposition, echoed complaints that the program will help people fix up homes but does nothing for those who always have kept their properties in good shape. "This is saying, "Welcome to Davenport. We"ll lower your taxes if you"re new," he said. The city gets about 40 percent of property taxes, with school districts receiving about 50 percent and the last 10 percent going to various places. The city's tax rate is 15.58 percent, which would be cut in half for those qualifying under the Davenport NOW program. Davenport NOW cannot be used with any other city economic development programs. "This might be one way people can fix up their homes or historical buildings," said Ald. Jeff Justin, 6th Ward. "The council as a whole wants lower taxes for everyone. I know I do." Article taken from Quad City Times. Click here to view the full article. Visit RuhlHomes.com today or call us toll free at (866) 441-1776.
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