The City of Carroll offers tax abatement to properties for construction that occurred after February 25, 2019 in the original area (maps) or after November 22, 2021 in the revised expanded area that was NOT in the original area (maps). The objectives of the City’s Revitalization Plan are as follows:
For properties within the Urban Revitiliztion Area, the City offers the following tax exemption schedules:
[Section 404.3 (4), Code of Iowa, 2021]
[Section 404.3A, Code of Iowa, 2021]
What does this mean to me?
If a residential construction project results in increasing the assessed value of your property by at least 10% and $75,000 you will receive the full tax abatement for 5 years. While the value of the abatement will vary based on tax rates and rollback rates, based on the FY 2023 rollback of 54.1302% and the FY 2022 consolidated tax rate of $26.40 a property owner would save $5,358.89 over 5 years in property taxes.