City Commercial Tax Abatement
The City has adopted a commercial tax abatement plan for a target area, the Rochester North Urban Revitalization Area. This area is generally bounded by Rochester Street to the South, the railroad to the west and North, and by the corporate City Limits to the East.
Eligibility requirements property must be commercially assessed and be within the target area, improvements must increase the assessed value by at least 15%, and qualified improvements must comply with rules and regulations of the City’s building and zoning codes and the City Code. Improvements that can qualify for abatement include, new construction, rehabilitation, and additions to existing buildings. Applicants may choose from a 3-year or a 5-year abatement plan.
City/County Industrial Tax Exemption
The City has adopted a plan for industrial tax exemption, and the plan applies citywide. Eligibility requirements property must be industrially assessed and be within the city limits, qualified improvements include new construction (see City Code Section 33 1/2-23, new construction).
For an application, please contact the Wapello County Assessor’s Office, 101 W. Fourth Street, 641-683-0085 . For additional information, please contact Ed Courton in the City Planning and Development Department, 641-683-0606 .
Tax Increment Financing (TIF)
City councils or county boards of Supervisors may use property taxes resulting from the increase in taxable valuation due to construction of new industrial or commercial facilities to provide economic development incentives to a business or industry. TIF may be used to pay cost of public improvements and utilities, which will serve the new private development. For additional information, contact Ed Courton in the City Planning and Development Department, 641-683-0606 .
For copies of the State’s tip sheet listing incentives and for copies of the program application, contact Amy Johnson, Project Manager, Iowa Department of Economic Development, 200 East Grand Avenue, Des Moines, IA 50309; 515-242-4735; fax, 515-242-4776; e-mail: amy.Johnson@ided.state.ia.us
Applications are processed through the City’s Planning and Development Department and are reviewed by the City Council, then by the State IDED Board.