- Real Estate
- Paris Flash
At its 5:30 p.m. meeting today, the Paris City Council is scheduled to conduct a public hearing on its proposal to allow residential tax abatement for five years in city council districts 1, 2, 3, 4 and 5 on new single-family structures and expansion or remodeling projects.
The agenda item is No. 9 on a 25-item agenda but is first on the “Regular Agenda,” following a “Consent Agenda” of several routine items that normally are approved with minimal discussion and on a single motion.
The council has been contemplating for several months a program to encourage development in blighted areas inside the loop.
The reinvestment zone, as drawn up, would go into effect immediately upon enactment.
To qualify, as defined in the proposed residential tax abatement ordinance drawn up by City Attorney Kent McIlyar, an area must:
To be eligible for residential tax abatement, an applicant must construct a new structure on his/her property or make residential improvements to an existing structure in a minimum amount of 20 percent of the appraised value of the property as of Jan. 1 of the year that the tax abatement agreement between the applicant and the City of Paris is signed.
Abatement will become effective in the tax year following the date of completion of the improvements and appraisal of the improvements by the Lamar County Appraisal District. Taxes would continue on the existing property.
On the improvement, taxes would be abated in the amount of 100 percent for years one and two, 80 percent for year three, 60 percent for year four, and 40 percent for year five, and no abatement for years six and thereafter.
Monday’s meeting will be at the council chambers at 107 E. Kaufman St.
By Charles Richards, eParisExtra