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515-232-9287

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Tax Abatement

Village North Homes Qualify For Tax Abatement!!!

  • 5 Year Graduated Property Tax Abatement
  • PROPERTY TAX ABATEMENT…SAVES YOU THOUSANDS

Due to the Urban Revitalization Plan adopted by the City of Gilbert, a new “Village North” home is eligible to receive a partial exemption from taxation on the actual value added by the improvements for a 5 year period.

  • EXAMPLE OF TAX SAVINGS ASSESSED VALUE OF HOUSE / IMPROVEMENTS ONLY:

$ 220,000 Total Assessed Value

$ 49,900 Minus Lot Value

$ 170,100 Value of Improvements

$ 170,100 x 0.479642 (Rollback)

$ 81,587 x 0.0363727 (Millage Rate)

$ 2,967.54 Tax on 100% of Improvements

$ 2,225.66 x 75% 1st Yea r SAVINGS

$ 1,780.53 x 60% 2nd Year SAVINGS

$ 1,335.39 x 45% 3rd Year

SAVINGS

$ 890.26 x 30% 4th Year SAVINGS

$ 445.13 x 15% 5th Year SAVINGS

$ 6,676.97 TOTAL TAX SAVINGS*

*Based on current millage rates and rollbacks. Also assumes no increase in assessed value over the five years, which is not likely.

  • OPTION TO BUY THOUSANDS OF DOLLARS MORE HOUSE

Some local lenders may allow you to purchase as much as 15% or 20% more house because of the property tax abatement program.