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 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.

          Expiration Date - December 31, 2021

          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 3 years

 

         Commercial and Multi-Residential 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 CityHall 130 N. Park Place, Cresco, IA 52136