Obsolete Property Rehabilitation Act Tax Exemption

This incentive is designed to promote redevelopment of contaminated, blighted, or functionally obsolete commercial and commercial housing properties. It allows the city to "freeze" the taxable value of a structure (before improvements are made) for 1-12 years, essentially allowing property owners to rehabilitate their buildings tax-free with the exception of school taxes. The State may also decide to exempt one-half of the school millage for up to six years.