Jefferson City Tax Rebate
Starting today, commercial property owners can get a tax rebate for repairing store fronts. And property owner Charlie Prather points out exactly how the Neighborhood Reinvestment Act could help him.
"We plan to do some restoration around the eaves and to completely paint the building," Prather says.
The rebate can't exceed assessed taxes, and owners must spend $10,000 on repairs to qualify.
"A lot of property in town needs attention and this is sort of an incentive for owners of commercial and residential property," City Clerk Melva Fast says.
"It's definitely a help because the cost is going to be substantial," Prather says.
Owners can also receive the rebate by opening the second floor of their buildings. To qualify, it must be used for retail services, professional offices, financial services, or food and beverage sales. It can't be used for storage.
"There is so much space down here that is just not used and it has such great potential. I think it will be a great thing for the city," property owner Carrie Carroll says.
Mostly downtown property will be affected, but all of Jefferson City will be eligible for the program. Some Jefferson City banks will offer low interest loans to people who qualify for the tax rebate. Businesses that qualify can get the rebate for up to five years.