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Incentive program for FD housing advances

New homes, improvements could see city tax breaks

March 26, 2013
By BILL SHEA (bshea@messengernews.net) , Messenger News

People who build new homes in Fort Dodge could avoid paying property taxes on them for up to seven years under an incentive program being crafted by city leaders.

Those who perform significant rehabilitation work on homes could also get tax breaks under a plan being developed to encourage the creation of new housing to meet the expected demand of those who will be moving to the city in the near future for jobs, especially in the industrial park known as Iowa's Crossroads of Global Innovation.

The City Council on Monday hammered out some details on the proposal, but did not take final action on it.

Council members agreed to establish a seven-year, 100 percent property tax exemption for new homes constructed in neighborhoods deemed to be blighted.

Councilmen Dean Hill, Robert ''Barney'' Patterson, Mark Taylor and Don Wilson, who participated in the meeting by telephone, initially supported the seven-year proposal. Councilmen Kim Alstott, Dave Flattery and Andy Fritz supported a 10-year, 100 percent tax abatement.

Other components of the incentive plan include:

The abatements would pass from the builder to the buyer, meaning that whoever purchases and moves into a home would also enjoy the property tax break.

The council will hold its first formal vote on the new incentives during its April 8 meeting.

 
 

 

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