Davenport NOW, a city established tax incentive program that launched in July of 2009, provides a 50% rebate of the City’s share of property taxes for 10 years to people who build a home or renovate an existing property in Davenport, Iowa. The program has now been extended to June of 2014!
Davenport NOW was passed to improve economic development, as well as provide more opportunities to small business owners in construction and remodeling. Since the program was established in 2009 the city of Davenport has already rebated over $2.8 million with most participants receiving over $6,000.
In August of 2010, the Davenport City Council approved the expansion of the Davenport NOW program to include a special program for historic properties, which provides an additional tax benefit to homeowners completing historic improvements. Applicants can receive a rebate on the value of the improvements of up to 100% of the city’s share of your property taxes for 10 years. Under both programs, eligible participants may choose a single one-time payment or multiple payments over ten years.
To qualify for the Davenport or Historic Davenport NOW programs this is some of the criteria:
- The property must be in a local or national historic district or listed on the national registry of historic properties.
- The property must be a single family, owner occupied home.
- Improvements must lead to a minimum $5,000 increase in assessed value.
- Exterior improvements must receive a certificate of appropriateness from the Davenport Historic Preservation Commission. City staff can assist you in submitting your improvements for approval.
- The home must be built as new construction or purchased new.
If approved you will then need to choose how you would like to receive you rebate. There are two different methods: Upfront One-time Rebate and Multiple Rebates over 10 Years.
Keep in mind that those receiving a single payment shall do so at a discounted rate. Multi-family residential and commercial properties are not eligible for an upfront rebate.
According to City ordinance, both business and residential property owners may be eligible, as long as the owner occupies the structure. Rental property improvements may also be eligible, but not new rental properties or those converting owner-occupied structures into rental properties.
For more information or to see if you qualify, contact the City of Davenport at 563-888-3380