Multi-Family Residential
Property Tax Exemption
The project must be new construction or a substantial expansion/rehabilitation of an existing building or the conversion of an existing facility from a commercial or industrial use to a multi-family and/or mixed-use facility. Only building improvements are eligible for the property tax exemption. Land and existing improvements (unless demolished) remain taxable. Applications are accepted anytime. Due to notice and public hearing requirements, allow approximately 6 weeks for approvals.
|
New Building Value / Unit |
Exemption Amount |
Term of Exemption |
|---|---|---|
|
$55,000 (minimum) |
$25,000 / unit / year |
2 years |
|
$70,000 (minimum)* |
$25,000 / unit / year |
4 years |
*Additional incentive if the project includes structured parking. Structured parking means a below ground garage or ramped parking and does not include at-grade parking garages.
For more information or to request an application, contact Economic Development or call 218.299.5441, toll free 877.833.6667.