HomeMy WebLinkAboutHighway Commercial TE info slidesIowa City’s new
Highway Commercial
Tax Exemption Areas
Adopted spring 2021
Why
The City wants to help. Many of
Iowa City’s locally-owned small
businesses are in these areas.
The areas in the plan are home to a
lot of older commercial properties
along Highway 6 and Highway 1 and
businesses that have not had access
to incentives in the past.
If people are considering additions
to buildings, renovations to the
building exterior or interior, or
building a new building in an eligible
area, this incentive might be
valuable for them.
How it
works
•Increase value of the building (land not included) by at least 15%
•Get a 3 year, 100% property tax exemption on the value of the improvement
•Property taxes on pre-improvement value are not exempt
•Only commercially taxed properties are eligible
•City Council approves
•City Assessor applies exemption for tax year following approval and project completion
•For more information: www.icgov.org/highwaycommercialURP
•To apply online: https://www.iowa-city.org/Forms/URTE
Questions
•For questions about whether your improvements might meet the 15% minimum threshold to qualify, contact the City Assessor’s office at 319-356-6066
•For general questions about the Highway Commercial Tax Exemption Areas, contact Wendy Ford, Economic Development Coordinator at 319-356-5248 or email wendy-ford@iowa-city.org