Davenport NOW – $108 million in new value created

The Davenport NOW tax rebate program, launched in 2010,  is sun-setting after contributing to the development of more than $108 million in new property assessed value and returning $3.7 million back to homeowners, rehabbers and business owners who improved their properties.

But it’s not too late to take advantage if you have a project – residential infill, rehab, new construction or commercial building – in mind. The program will accept applications through June 1, 2014. To be eligible, purchase and construction must be complete by that date.

The program gives a 50 percent rebate on city property taxes for 10 years to people who build a home, renovate an existing house, or build or expand an existing business in a Davenport city service area.

Since its inception in July 2010, rebates have been given to 610 people. Here is a breakdown of type of project, rebates issued and total increase in assessments:

New Construction on Mississippi Avenue

New Construction – Mississippi Avenue

Single Family New Construction

Increased Assessed Value $96,888,237
Total Rebate Amounts   $2,987,743
Average Increase in Assessed Value      $213,881
Average Rebate Issued          $6,566
Rehab or existing construction home, McClellan Boulevard

Rehab/Existing Construction
McClellan Blvd

Single Family Existing Construction

Increased Assessed Value $3,118,060
Total Rebate Amounts      $97,970
Average Increase in Assessed Value      $24,360
Average Rebate Issued           $759
Commercial Development assisted with Davenport NOW

Commercial Development assisted with
Davenport NOW

Commercial

Increased Assessed Value      $8,681,705
Total Rebate Amounts         $652,149
Average Increase in Assessed Value         $361,738
Average Rebate Issued           $27,173

To learn more about the program or to see an application please click HERE.

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