New residential incentive freezes property taxes for seven years
July 13, 2009
FARMERS BRANCH ~ In an ever-evolving effort to attract new residents to Farmers Branch, and encourage renovation of existing homes, a new and innovative Residential Incentive Program has been added to the menu of those introduced in 2007.
The Demolition/Rebuild Incentive is designed for any homeowner who replaces an existing, older home with a new one. The incentive is that the City portion of property taxes actually paid to the City on the new structure, above the previous value, will be rebated by way of a grant for a period of seven years beginning January 1 of the year following completion of the project – essentially freezing the property taxes on the structure for the first seven years.
Farmers Branch Economic Development Director John Land said the new incentive should provide the opportunity for some revitalization of neighborhoods where the housing stock may not necessarily meet the needs of today’s consumers.
The Demolition/Rebuild Incentive joins the Major Remodel, Exterior Makeover and Low Interest Loan Incentives already on the books.
For more information on any of the Farmers Branch Residential Incentive programs, call 972.919.2515 or log on at www.farmersbranch.info or www.comehometofb.com.