Single Family Tax Abatement

Thought you would never be able to afford a new home?
Think again!

These new homes qualify for 10 year tax abatement making them even more affordable for qualified buyers.
You may be eligible for a Single Family New Construction Limited Tax Abatement, which could lower your property tax bill for ten years.

The City of Portland offers a ten-year tax abatement on the improvement value for new homes which meet program criteria. The homeowner will not pay taxes on the assessed improvement value of the new construction for ten years. The homeowner will continue to pay taxes on the assessed value of the land. After the 10-year period, the property owner will resume paying taxes on the total assessed value of the land and improvement.

Criteria (Excerpted from Portland Development Commission Website):

The property is located within the Homebuyer Opportunity Area at the time of construction.
The home must be a single-family home or condominium. Property must be owner-occupied.
The home is less than two years old. Application process must be finished within two years of the building permit "Completion Date," or from the date of application—whichever is sooner. For the purposes of this program, your home's age is the Final "OK to Occupy" Building Permit Date.*
The sales price and appraised value must be no greater than $275,000, annually adjusted by the Planning Bureau.
Maximum income of all deed holders occupying the home is $66,900.
Homeowner must make formal application, applying for exemption and pay all applicable fees.

For further information click the web address below.

http://www.pdc.us/housing_serv/hsg_development/sf-lta.asp