This incentive program was established to encourage improvements within Rice County. The rebate is structured to allow a graduated property tax rebate for 10 years in all of Rice County with the exclusion of the City of Lyons. Read below more information regarding this property tax rebate program.
How does the tax rebate work?
The tax rebate is a refund of the additional property taxes caused by a qualified improvement. The taxes relating to the assessed value on the property prior to the improvement are still payable.
What kind of improvements will increase the assessed value?
New construction, additions, and major rehabilitiations will increase the assessed value. Maintenance generally will not increase the assessed value, unless there are several major repairs completed at the same time.
What is a qualified improvement?
Qualified improvements include any construction, rehabilitation or additions that increase the appraised valuation of the property by more than 10% in building appraised value directly resulting from qualified construction and improvement. A qualified improvement must: 1) be in the rebate area. 2) Conform with the County’s Zoning Ordinances. 3) Conform with other applicable building codes, rules and regulations and secure a building permit.
What else should I know?
Improvements to the property must remain in good standing throughout the rebate period. You are required by law to claim the rebate as income on your federal income taxes.
Owner must present an application to the Rice County Appraiser’s Office and receive the approval for acceptance into the program PRIOR to starting any construction on the site.
This a rebate program. Taxes must be paid and then rebated to the owner.
Any owner of other property within the County who is delinquent in the payment of any ad valorem property tax assessment or special assessment shall not be eligible for any Rebate and will be dropped out of the NRP and will not be eligible for any future rebates on the property where the NRP is applicable.
Other information, including the percentages of rebate are included in the NRP Brochure.