Residential New Construction Property Tax Abatement Approved for Moorhead
Now is the time to build a new home in Moorhead! As part of the state of Minnesota’s response to the 2009 spring flood, Governor Pawlenty signed legislation on May 16 that enables Moorhead, Dilworth, and other Minnesota border cities located in the disaster area the opportunity to offer a two-year property tax abatement on newly constructed homes.
Two-year abatement quick facts:
The property tax abatement is state-funded.
Single family attached and detached homes constructed in calendar years 2009 and 2010 are eligible for the abatement.
Single family homes constructed in 2008 that are owned by the original builder, not previously occupied, and not subject to a purchase agreement as of March 26, 2009 are included in the abatement.
The first $200,000 in structure value of single family attached and detached homes is abated.
- The tax abatement is applied to tax assessment years 2010 and 2011.
Applications for the abatement will be sent out to the permit holders on buildings already under construction; future projects will get the applications as permits are issued. The abatement will be credited to the owner of the property at the time taxes are due. It does not apply to special assessments.
Readers, will this news affect your home buying decision?