Property Tax Abatement Program

Property Tax Abatement Program

           The City of Cresco adopted a property tax abatement program to encourage new construction and improvements to new and existing properties.  The tax abatement is available to residential, multi-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.

For projects completed prior to December 31, 2021, please contact City Hall.

        
For projects completed after January 1, 2022 the expiration Date - December 31, 2026

          Eligible Projects

           -    New construction of residential, multi-residential or commercial structures

 -    Rehabilitation and additions to any existing residential, multi-residential or  commercial structure

 -    Actual value must increase at least 10% due to the improvements

 

         Residential Abatements

           -     Available on 100 % of the first $75,000 of actual value added

 -     Exemption Period is 5 years

 

         Multi-Residential Abatements with Three or More Separate Dwelling Units

           -     Available on 50% of the actual value added

 -     Exemption Period is 10 years


  Commercial

           -     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

Application for Property Tax Abatement