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Proposed Residential Property Tax Abatement

The City of Mason City asks that residential property owners be on alert for a postcard notice of an upcoming public hearing to discuss the proposed Mason City 2011 Residential Urban Revitalization Plan which will provide property tax abatement on new improvements to residential properties as a financial incentive to spur new construction, expansion or rehabilitation. As required by law, notice will be sent via postcard delivered by the United States Postal Service to all owners and tenants of property located in the plan area, which includes all of the city’s Z2, Z3 and Z5 zoning districts where most residential uses are located.

The plan proposes a 5-year 100% exemption from property taxes resulting from new improvements to both single-family and multi-family residential properties, including commercial properties consisting of 3 or more residential units comprising at least 75% of the building’s space. In cases of new 1- and 2-unit house construction, there is a $75,000 cap on the value that can be exempted from taxation. But for most other residential rehabilitation or expansion, there is no dollar cap on the value of the improvements that can be exempted. In addition, if a flood buyout house is moved to a new location, it would be eligible for the full no-cap exemption on the entire assessed value of the house.

The plan is posted on the City’s website at www.masoncity.net. If adopted, applications for tax abatement for completed projects are due February 1 of each year. The public hearing will be held July 19, 2011 7:00 p.m. at the Mason City Room of the Mason City Public Library.
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