NEIGHBORHOOD REVITILIZATION PROGRAM
How does the tax rebate work?
The tax rebate is a refund of the new property taxes caused by any improvement increasing your property tax by at least 10% for residential and 20% for commercial.
Taxes relating to the pre-improvement value on the property are not rebated. All taxes must be paid first. Rebate checks are typically mailed within 60 days of full payment.
What kind of improvements will increase the assessed value?
New construction, additions, and major rehabilitations 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 increases the appraised valuation of the property by more than 10% for residential* and by more than 20% for commercial as determined by the Phillips County Appraiser’s Office.
How do I apply?
Applications can be obtained from the Phillips County Appraiser's Office. Applications must be made prior to initiation of construction.