The City of Perry Urban Revitalization Plan Objectives are as follows:
To encourage new construction of residential properties through abatement of taxes on the value of the improvements.
To encourage the remodeling, renovation, rehabilitation or addition to residential properties through abatement of taxes on the value of improvements.
To improve economic conditions and housing opportunities in the area and take steps to enhance the general attractiveness and marketability of the Urban Revitalization Area.
New Construction assessed as residential property and which satisfies the qualification requirements is eligible for a temporary exemption from taxation as follows:
For the first year, one hundred percent.
For the second year, one hundred percent.
For the third year, one hundred percent.
For the fourth year, one hundred percent.
For the fifth year, one hundred percent.
For the sixth year, eighty-five percent.
For the seventh year, sixty percent.
For the eighth year, forty-five percent.
For the ninth year, thirty percent.
For the tenth year, fifteen percent.
Improvements consisting of rehabilitation or additions to existing improvements which increase the actual assessed value of the qualified real estate by at least $20,000 for property assessed as residential and 15% for property assessed as multi-family residential shall be eligible for exemption on only the improved value as follows: