| COMMUNITY DEVELOPMENT DEPARTMENT - ECONOMIC DEVELOPMENT INCENTIVES - |
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| There are various incentives for construction and development within the City of Burlington. These incentives are in place to promote growth and development within the corporate limits of this community. |
| TAX ABATEMENT |
| The City of Burlington offers a residential, commercial, and industrial tax abatement program. In order to qualify, the improvements must increase the assessed valuation by at least 15% of the valuation before the improvement. |
| Single-family and duplex residential construction offers an abatement of the first $75,000 of increased valuation. Multi-family housing (residential property assessed as commercial) may abate 50% of the increased valuation, up to a maximum amount of $50,000 per dwelling unit. Commercial property utilized for retail purposes may abate a maximum value of $5,000,000. |
| Exemption Schedules: 3-year, 100% exemption 10-year sliding scale: 80% - year 1, 70% - 2, 60% - 3, 50% - 4, 40% - 5 & 6, 30% - 7 & 8, 20% - 9 & 10 10-year, 75% per exemption for residential assessed as commercial |
| Industrial tax
abatement applies to the construction or reconstruction of industrial
real estate, warehousing, and distribution centers. Industrial Exemption Schedule: 75% - year 1, 60% - 2, 45% - 3, 30% - 4, 15% - 5 |
| APPLICATION |
| Questions - Contact Finance Department - (319) 753-8159 |
| TAX INCREMENT FINANCING (TIF) |
| Submit TIF proposals to the Finance Department for consideration and review. The City of Burlington reviews TIF proposals on a case by case basis. |
| What is TIF? TIF Districts Map |
| Questions - Contact Finance Department - (319) 753-8159 |
| ENTERPRISE ZONES | |||
| Businesses (Housing Development, Business Expansion, Developers) that are eligible and locating or located in the local Enterprise Zone are authorized under this program to receive certain Tax Incentives and Assistance; including refund of State sales, service and use taxes; and an investment tax credit. | |||
| Iowa Administrative Code: Chapter 59 - Enterprise Zones Iowa Department of Economic Development (IDED) Enterprise Zone Area Maps: All Zones (EZ-2) (TEZ-1) (EZ-3) |
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| Questions - Contact Development Department - (319) 753-8158 |
| DOWNTOWN INCENTIVES / DESIGN ASSISTANCE |
| Downtown Funding Resources Downtown Design Assistance |
| Questions - Call Downtown Partners Inc. - (319) 753-6365 |
| OTHER INCENTIVES AND INFORMATION |
| Questions - Call Chamber of Commerce - (319) 753-6365 |