Property Tax Abatement Program
The City of Cresco adopted a property tax abatement program to encourage new construction and improvements to existing properties. The tax abatement is available to residential and commercial property owners within the Cresco city limits to reduce their property taxes. The application must be submitted to the City Clerk and approved by the City Council and the County Assessor.
Expiration Date - January 1, 2017
Eligible Projects
- New construction of residential or commercial structures
- Rehabilitation and additions to any existing residential or commercial structure
- Actual value must increase at least 10% due to the improvements
Residential Abatements
- Available on the first $75,000 of actual value added
- Exemption Period is 5 years
- First 2years 75%
- Third year50%
- Last 2 years25%
Commercial Abatements
- Available on 100% of the actual value added
- Exemption Period is 3 years
Application Deadline
- Deadline is February 1st of the year following the completion of the improvements
- Application must be filed with the City Clerk at City Hall 130 N. Park Place, Cresco, IA 52136
