CONSIDERING that the tax cut, when proposed to attract capital investment and primary jobs in industries that bring money outside a Community rather than just sfussing dollars within a community, has proven to be an effective method of strengthening and diversifying an economic space; Once a reinvestment area has been identified, the entity that manages a city or county can enter into a tax reduction contract with the landowners for a period of no more than 10 years. Once the agreement has been approved by the governing body at a regularly convened meeting, it can be executed after notification to other tax units. A tax reduction is a local agreement between a tax payer and a tax unit that fully or partially exempts from tax the increase in the value of the property and/or personal property assets for a period of no more than 10 years. Tax relief is an economic development tool available to cities, counties and special districts to attract new industries and promote the maintenance and development of existing businesses through property tax exemptions or reductions. School districts cannot enter into mitigation agreements. Property tax records are public records, which in most cases determines the true value of paid and unpaid property taxes. Property tax documents are available to the city or county. Most cities and counties do not report annually on all property taxes that have been eliminated. At least 30 days of public publication of the meeting on the approval of a tax relief agreement. Communication should be made in accord with the terms of the Open Meetings Act. 1) the name of the landowner and the name of the applicant in the agreement; 2) the name and location of the reinvestment area subject to the agreement; 3) a general description of the nature of the improvements or repairs in the agreement and 4) the estimated cost of improvements or repairs. It should describe the boundaries of the zone and the eligibility of the zone for the tax reduction or the commercial and industrial tax reduction. With Form 50-278, several real estate properties related to a tax reduction agreement can be included in a bid.
To add another property to the form, select the last „Yes“ question, which asks if additional properties/lots are allocated to the agreement, and enter your answers to questions related to that property. Continue to answer „yes“ to the last question until you have added all the properties associated with the agreement. Only if the new agreement for new improvements that are made to the property. Before a reinvestment area is designated, a city or county must first set guidelines and criteria for tax relief agreements, which must be available for both new and existing facilities. The governing body of a control unit must hold a public consultation on the proposed guidelines, during which the public will have the opportunity to be consulted. The guidelines and criteria are effective two years after their adoption and can be changed by three-quarters of the votes of the governing body. A command unit with a website must put the guidelines and criteria adopted online. Yes, yes. Each time before the reduction expires, the local government can change the terms of the contract, transfer them to a new owner of the property or terminate the contract entirely. To be effective, a tax relief agreement must be drafted and approved by the majority of the members of the tax unit`s governing body at a regular meeting. Property tax reductions are generally granted by local governments (urban and departmental), where the lion`s share of property taxes is paid.