Encouraging New Housing Starts will be on the agenda tonight as the Thief River Falls City Council considers Tax Abatement on a number of new properties, including 9 in Pine Wood Estates, applying for the first time this year.
In order to qualify, applicants must be the original property owner and homes must be new construction under $200,000. The Abatement is for three years only, a construction incentive for smaller contractors when Tax Increment Financing would not apply.
In addition to the home owners applying for the first time, the city is also expected to approve abatement for one home in the second year of the program and four in the third.
Tonight’s regular council session will be followed by the Annual Truth in Taxation Hearing, with the City of Thief River Falls expected to levy a 6.48% property tax increase next year, a number calculated to present no impact to most property owners due to growing tax capacity.
Tonight’s Council Meeting scheduled at 5:30pm with the Truth in Taxation at 6pm at City Hall, the Historic Soo Line Depot.
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