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 3.7 residential 4.7 commercial/industrial 0.8 future planning area » Limit 12 square miles » Broadly inclusive of developable properties

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

Property Tax Sales Tax Exemptions on Abatements Building Materials https://www.fmickr.com/photos/lawrenceyeah/9298775222, http://www.freestockphotos.biz/stockphoto/14500

Materials must be: New Permenantly Purchased Affixed from eligible IL retailer

New Residential: 5 years City of Urbana, School District, Park District Cunningham Township,CUMTD, Champaign County

New Single Family New Duplex New Townhome Mixed-Use 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,

To qualify for incentives projects must have the following minimum project costs: Property Tax Abatements Sales Tax Exemptions $1,000 $80,000 New Residential

TIF Districts New Construction Enterprise TIF Zone Projects located in TIF Districts can Residential projects must be » » receive Sales Tax Exemptions but not new construction to qualify for all Property Tax Abatements incentives

Property Sales Tax Master Building Tax Abatement Exemption Fees Application Permit Abatement Agreement Certificate Forms Forms 1st step » Must obtain to gain Incentives. call (217) 384-2443 » Contact the Building Safety Department at (217) 384-2443

Property Sales Tax Master Building Tax Abatement Exemption Fees Application Permit Abatement Agreement Certificate Forms Forms 90 days » Submit within 90 days of building permit 1 application » Only 1 required per project

Property Sales Tax Master Building Tax Abatement Exemption Fees Application Permit Abatement Agreement Certificate Forms Forms each entity » Each entity seeking a Sales Tax Exemption Certifjcate must complete prior » Complete prior to purchase of to purchase materials

Property Sales Tax Master Building Tax Abatement Exemption Fees Application Permit Abatement Agreement Certificate Forms Forms 90 days » Submit within 90 days of building permit each entity » Each property owner must complete 2 years » Typically on tax bill two calendar years post project completion

Property Sales Tax Master Building Tax Abatement Exemption Fees Application Permit Abatement Agreement Certificate Forms Forms 90 days » Submit within 90 days of building permit

Property Sales Tax Master Building Tax Abatement Exemption Fees Application Permit Abatement Agreement Certificate Forms Forms Service Fee » 0.5% of total eligible construction material costs, Sales Tax Exemption » $50,000 maximum. Certifjcate » Free if materials less than $5,000 » 5 year abatement: $250 Property Tax » 6 year abatement: $600 Abatement » 7 year abatement: $700 » Boundary Amendment requests must be approved by City staff prior to fee. Enterprise Zone » 0.5% of estimated total construction material costs, not Boundary Amendment to exceed $1,500.

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