Property Owners Continue to Utilize Tax Exemptin to Construct New Homes/Make Improvements to Existing Homes

February 3, 2011 – (RealEstateRama) — Property Owners Continue to Utilize Tax Exemption to Construct New Homes/Make Improvements to Existing Homes

In October of 2007, the City of Sioux City began the City-Wide Tax Exemption / Urban Revitalization Program. The purpose of the program is to provide partial tax exemption for up to 10 years on the increased value of property resulting from improvements. Improvements can include substantial remodeling, additions, or new construction of single-family residential or multi-family residential structures.

December 31, 2010, marked completion of the third full year of the program, and it was the most successful year of the program to date. The City of Sioux City received 195 applications from property owners (compared to approximately 140 applications in 2008 and 2009). Property owners invested $26,028,100 completing construction of 60 new single/multi-family structures and $4,228,596 making improvements to existing properties for a total property owner investment of $30,244,696 in 2010. In 2009, that total was $27,688,583 and in 2008 it was $18,247,241.

Property owners are also reminded to keep building! The City-Wide Tax Exemption / Urban Revitalization Program is available until December 31, 2015. Application must be made the year the improvements are completed and can be picked up in Room 305 at City Hall, 3rd Floor, 405 6th Street, on the web at www.sioux-city.org and click on Urban Revitalization, e-mail akeairns (at) sioux-city (dot) org, or call Amy Keairns, Neighborhood Services Project Coordinator at 279-6255.

Contact:
Amy Kearins
712-279-6255