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RESIDENTIAL TAX ABATEMENT PROGRAM <br />GUIDELINES AND CRITERIA <br />CITY OF PARIS, TEXAS <br />APRIL 12, 2021 <br />I. GENERAL PURPOSE AND OBJECTIVES <br />The City of Paris will offer residential tax abatement as a stimulus for economic development in <br />designated reinvestment zones located within the corporate city limits of the City of Paris, Texas. <br />The policy of the City is to grant residential tax abatement for new residential structures and <br />modernization, rehabilitation or expansion of <br />investment threshold and comply with these <br />considered on a case-by-case basis. <br />existing residential structures that meet minimum <br />Guidelines and Criteria. All applicants shall be <br />II. DEFINITION OF TERMS <br />Act -means the Property Redevelopment and Tax Abatement Act, Texas Tax Code Ann. 312.001 et. seq., <br />as amended from time to time. <br />Agreement -means a contractual agreement between an applicant and the City of Paris for the purposes <br />of tax abatement. <br />Applicant -means an owner of real property or his authorized agent located in a reinvestment zone or <br />proposed reinvestment zone who requests tax abatement in accordance with these guidelines. <br />Base Year Value —means the assessed value of eligible property on January 1, preceding the date of <br />execution. <br />Eligible Property - means new structure or residential improvements located in a designated <br />Reinvestment Zone. <br />Modernization —means the replacement, expansion and/or upgrading of single-family residential <br />improvements for the purpose of reconditioning, refurbishing or expanding a single-family residence. <br />New Structure -means residential improvements made to a property previously undeveloped which is <br />placed into use by means other than or in conjunction with expansion or modernization. <br />Reinvestment Zone -means an area designated in accordance with the Act by the City of Paris. Only <br />property in a Reinvestment Zone may be eligible for tax abatement. <br />Residential Improvements - means the construction of new single-family residential structures and all <br />the appurtenances thereto, and includes modernization of existing structures. This term does not include <br />duplexes or multi -family structures. <br />Total Facility - means all improvements constructed. <br />Page 1 of 5 <br />