Laserfiche WebLink
Document management portal powered by Laserfiche WebLink 9 © 1998-2015 Laserfiche. All rights reserved.
Value of Improvements — means the appraised value of the residential improvements as determined by <br />the Lamar County Appraisal District and as described in the tax abatement agreement. <br />III. ELIGIBILITY AND GUIDELINES <br />Any real property located within a designated reinvestment zone and zoned by the City of Paris for <br />single-family residential development is eligible and may apply for residential tax abatement. As provided <br />in the Act, abatement may only be granted for the value of the Residential Improvements which exceed <br />the base year value of the property and which are listed in an Abatement Agreement between the City of <br />Paris and the property owner, subject to such limitations as the City of Paris may require. <br />Minimum Investment — To be eligible for residential tax abatement, an applicant must construct a new <br />structure on their property or make residential improvements to an existing structure in a minimum <br />amount of twenty percent (20%) of the appraised value of the property as of January Pt of the year that <br />the tax abatement agreement between the applicant and the City is signed. <br />Term and Percentage of Abatement - An applicant who has satisfied all the criteria and guidelines for <br />residential tax abatement as set out herein, will be eligible for tax abatement in accordance with the <br />schedule below. Abatement will become effective in the tax year following the date of completion of the <br />improvements and appraisal of the improvements by Lamar County Appraisal District (LCAD). <br />IV. SCHEDULE OF ABATEMENT <br />TAX YEAR ABATEMENT* <br />1 100% <br />2 100% <br />3 80% <br />4 60% <br />5 40% <br />6 Zero% <br />*Abatement is applied only to the increased value of the residential improvements that exceeds the base <br />year value as determined by the Lamar County Appraisal District. <br />V. APPLICATION PROCEDURES <br />Applications for residential tax abatement shall be reviewed for completeness. City staff shall determine <br />whether the application satisfies guidelines and criteria and Staff may request additional information or <br />documents from Applicant. City Staff will make final recommendations on each application to City <br />Council. Any person, partnership, organization, corporation or other entity desiring a residential tax <br />abatement to encourage development within a designated Reinvestment Zone shall comply with the <br />following procedural guidelines. All tax abatement applications shall be evaluated on their own merits <br />within the parameters of these Guidelines and Criteria. <br />Preliminary Application Steps <br />A. Applicant or applicant's agent shall submit an "Application for Residential Tax <br />Abatement" contemporaneously with the application for a building permit. If the <br />building permit is for new single family residential construction or expansion or <br />Page 2 of 5 <br />