The Restoration Tax Abatement (RTA) Program is an incentive program created to encourage expansion, restoration, improvement, and development of existing structures in Downtown Development Districts, Economic Development Districts or Historic Districts.
ELIGIBILITY:
Commercial property owners and homeowners who expand, restore, improve or develop an existing structure in a Downtown Development District, Economic Development District or Historic District or eligible.Structures listed on the National Register of Historic Places are also eligible.
BENEFITS:
The program grants a deferral of assessment of ad valorem property taxes on renovations and improvements.The contract may be renewed for an additional 5 years.The local governing authority must approve the application.The tax abatement is not available if property taxes have been paid on the improvements made by the project.
ADVANCE NOTIFICATION:
An Advance Notification must be filed before beginning construction on the project.