What is the Neighborhood Revitalization Plan?

During the 1994 legislative session, lawmakers passed Senate Bill 732, which provides tax rebates for new construction and the rehabilitation of existing structures. Each municipality must adopt a plan and designate an area in which they want to promote revitalization and development or redevelopment within the county.

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1. What is the Neighborhood Revitalization Plan?
2. What is a “tax rebate”?
3. What is a “qualified improvement”?
4. How is “structure” defined?
5. What kind of “improvements” will increase the assessed value?
6. How long does the tax rebate run under the Neighborhood Revitalization Plan?
7. Can property taxes be eliminated using the tax rebate?
8. How do the terms Assessed Valuation and Appraised Value differ?
9. How can I determine if I am eligible for a tax rebate?
10. If qualified improvements have been made, how does one obtain a tax rebate?
11. Who applies?
12. How often do I need to apply?
13. Will the schedule of tax rebates as determined by the increase in assessed value in the first year ever change?
14. Is the rebate transferable?