Municipal Services
URBAN REVITALIZATION & TAX ABATEMENT
Chapter 404 of the Iowa Code gives cities and counties the authority to offer tax abatement for improvements on property assessed as residential, commercial, and industrial. In order to offer such incentives the governing body must first designate an area of its jurisdiction as a revitalization area based on any of the five criteria listed in the Code. The governing body must then adopt a resolution finding that the rehabilitation, conservation, redevelopment, economic development, or a combination thereof of the area is necessary in the interest of the public health, safety, or welfare of the residents of the city, or county as applicable, and the area substantially meets the criteria of section 404.1 of the Iowa Code. An Urban Revitalization plan must then be prepared in accordance with section 404.2(2) of the Code. The plan will specify the tax exemption schedules and properties to which they apply. A public hearing must also be held prior to the official adoption of the ordinance and Urban Revitalization Plan.