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 – 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/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
| 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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