Multi-Family Residential & Mixed-Use Properties

The project must be new construction or a substantial expansion/rehabilitation of an existing building or the conversion of an existing facility from a commercial or industrial use to a multi-family and/or mixed-use facility. Only building improvements are eligible for the exemption. Land and existing improvements (unless demolished) remain taxable. Applications are accepted anytime. Due to notice and public hearing requirements, allow 6 – 8 weeks for approvals.

NEW BUILDING VALUE/UNITEXEMPTION AMOUNTTERM OF EXEMPTION
$55,000 (minimum) $25,000 / unit / year 2 years
$70,000 (minimum)* $25,000 / unit / year 4 years

*Additional incentive if the project includes structured parking. Structured parking means a below ground garage or ramped parking and does not include at-grade parking garages.

For more information or to request an application, contact Economic Development or call 218.299.5441, toll free 877.833.6667.