The city of Ottumwa announced the deadline for applications for property tax abatement will be later this month.
Ottumwa citizens have until January 25th to submit an application. The residential and commercial property tax abatement programs are designed to encourage improvements and new development by reducing the additional taxes assessed on the improvement.
The residential tax abatement program is available citywide and reduces property taxes paid on qualifying improvements to residential property. Property owners who have completed improvements to residential property or apartment buildings in 2022 can file an application for residential tax abatement. New construction, additions, and remodeling projects that increase the assessed value by at least 10% are eligible activities. Taxes on the improvements are abated for a specific number of years for qualifying residential projects.
Applications are also being accepted for commercial property tax abatement in the City of Ottumwa. Improvements to new or existing commercial property that increase the assessed value of the property by at least 15% are eligible for tax abatement. Applicants can access a five-year abatement schedule.
The deadline for tax abatement applications is Thursday, January 25th. For additional information, or to receive tax abatement applications, contact the Planning and Development Department, Room 201 at City Hall, visit ottumwa.us or call 683-0606.