Neighborhood Revitalization Plan

The purpose of the Osborne County Revitalization Program is to give property owners the opportunity to take advantage of property tax rebates for new construction or rehabilitation of buildings and/or homes.  The following items are highlights of the program:

—All Construction or rehabilitation of an improvement must begin after June 1, 2007.

—Construction or improvements must have a minimum increase of $5,000 in County Appraiser’s appraised value.

—All new construction and all improvements to existing property must comply with all zoning and building codes, rules, etc.

—Any parcel that is delinquent in the payment of any ad valorem property tax assessment or special assessment shall not be eligible.

—In the event of a transfer of ownership of a parcel, such parcel and subsequent owner will not remain eligible for the rebate.

—Concurrently with filing the application with the County Appraiser, the applicant shall pay a non-refundable application fee of $50.

—Within 15 working days after any construction and improvement is completed, the owner shall report such fact to the County Appraiser.

—This 5-year plan would allow for the property owner to utilize rebates resulting from the additional increase of the value in the ad valorem
   tax.  Rebates do not include the State mill levy.       

                                                     YEARS OF ELIGIBILITY                         % OF PROPERTY TAX INCREMENT REBATE
                                                                  Year 1                                                                  100%
                                                                  Year 2                                                                    80%
                                                                  Year 3                                                                    60%
                                                                  Year 4                                                                    40%
                                                                  Year 5                                                                    20%

Under this plan, taxing districts do not lose any current funding.  Instead, the funding will remain the same.  For example, Taxpayer A has a parcel of ground that has $100 worth of property taxes.  Taxpayer A then builds a building on the property.  The increase of the property taxes is $1,000, bringing the total property tax on that parcel to $1,100.  Under this plan, Taxpayer A would pay the full $1,100, but would be rebated 100% of the increase, in this case $1,000.  The second year, the rebate would be 80%, or $800. This would continue until the fifth year when a 20% rebate would be received.

—No rebate shall be paid to the owner if it is $10 or less. 

For more information on the plan or to fill out an application, please visit the Osborne County Clerk’s office in the Courthouse located at 423 West Main.  Applications may also be picked up at the City of Osborne Economic Development Office at 130 North First.

For a complete version of the Neighborhood Revitalization Program, click on the following link.