The Spencer City Council approved residential tax abatements for 10 properties Monday night.
The abatements are part of a program that allows property owners to apply for and potentially receive tax abatements for five years following remodeling or new construction of residential properties.
Ward 5 Council member Ron Hanson wanted to make note of the program being used.
“It’s a great program,” Hanson said. “People rehabbing houses and stuff and they get a tax abatement for five years. So, if you are in the process of rehabbing a house or something, this process allows you to get a tax abatement on the new increase on the value of your property.”
For single-family residential properties, the tax abatement is worth up to $75,000 of value added to the property. Multi-family residential properties are eligible for 100% exemption from taxation of value added.
Seven of applications approved Monday night were for new single-family homes, two were for remodels of existing single-family homes and one was for a new multi-family residence.
Hanson wants to see word of the program spread to more people.
“I’m sure there’s a few people that may have missed that, but the city does allow that when you remodel and maybe bring those to city hall and see if you qualify,” he said.
The approval was included in the council’s consent agenda, which typically contains routine items that the council approves without discussion. The consent agenda was approved by a 7-0 vote.
The properties approved for tax abatements are:
– 2111 22nd Avenue West
– 1816 20th Avenue West
– 1814 20th Avenue West
– 1810 20th Avenue West No. 2
– 1808 20th Avenue West
– 1607 West 16th Street
– 1400 14th Avenue West
– 309 8th Street SW
– 907 West 5th Avenue
– 222 West 2nd Street