Tax Abatement
The purpose of the Housing Tax Abatement is to stimulate new home construction for homes under $500,000 in the City of Waseca. Building permits must be issued by December 31, 2024, to qualify.
Terms of Abatement are as follows:
a. The abatement shall apply to the taxes for a period not to exceed ten (10) years, The applicant property owner must choose one of the following terms and abatement amounts:
- for a term of three (3) years, with the City abating 100 percent of the portion of the City's share of ad valorem property taxes on the qualifying parcel derived from the value of the residential structure for which the City issues a building permit and paid by the property owner; or
- for a term of six (6) years, with the City abating 75 percent of the portion of the City's share of ad valorem property taxes on the qualifying parcel derived from the value of the residential structure for which the City issues a building permit and paid by the property owner; or
- for a term of ten (10) years, with the City abating 50 percent of the portion of the City's share of ad valorem property taxes on the qualifying parcel derived from the value of the residential structure for which the City issues a building permit and paid by the property owner; or
b. The owner of such parcel shall complete an application for abatement together with the building permit application.
c. The owner of such a parcel shall enter into an abatement agreement consistent with these terms, in a form satisfactory to the City.
Tina Wilson, Professional Community and Economic Developer (PCED) the City Economic Development Manager, administers and manages development opportunities and is the staff liaison for the City of Waseca Economic Development Authority (EDA).
Please contact Tina Wilson at (507) 835-9741 to make sure that you understand this information fully.or with any questions.