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Residential tax abatement applications due Feb. 1

T-R FILE PHOTO
The Marshall County Treasurer’s Office sends out property tax payment information like this to property owners. The document shows not only how much is owed in taxes, but also a breakdown of the government entities the money goes to.

The Urban Revitalization Act has been enacted into law by the City of Marshalltown.

Under this Act, qualified residential real estate may be eligible to receive a total exemption from property taxes for improvements for three years, or a sliding tax exemption for either a five- or 10- year schedule. This program is referred to as the Tax Abatement Program.

Improvements resulting in an increase of actual assessed value by at least 10 percent qualify for tax abatements for the following:

• New construction of residential buildings

• Rehabilitation of residential buildings

• Additions to existing residential buildings.

Application forms must be returned to the Marshalltown city clerk’s office by 5 p.m. on Feb. 1.

Information required on the application includes:

• Name of property owner, address and phone number

• Legal description of the property

• Nature and cost of improvements

• Estimated or actual date of completion

• Building permit number.

A resident is not eligible for a residential tax abatement unless an approved building permit for the improvement was secured. Maintenance and repair of homes, such as replacement windows and siding are not a qualified improvement under the Tax Abatement program

All applications are approved by the Marshalltown City Council after the Feb. 1 deadline and forwarded to the Marshall County Assessor’s office for review.

Applications must be submitted to the city clerk’s office by Feb. 1st of the assessment year for which the exemption is first claimed, but not later than Feb. 1 of the third year following.

For example, the building permit must be dated after Feb. 1, 2017, in order to be eligible for the Feb. 1, 2020 filing deadline.

There is a $50 filing fee for each tax abatement application. Multiple residential units are charged $50 per residential unit; single dwelling house, $50; duplex, $100; and triplex, $150.

Applications for this program are available at the City Clerk’s office, 24 North Center Street or on the city’s website.

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