What is a “tax rebate”?

It is a refund of the property taxes which would otherwise be payable on the actual value added to a property due to a qualified improvement.  The rebate only applies to the additional taxes resulting from the increase in assessed value of the property due to the improvement.  Under the Neighborhood Revitalization Plan, the taxes relating to the assessed value on the property prior to the improvement may not be reduced and will continue to be payable.

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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?