The City has a variety of tools available to support new development and expansion such as: rebate of property & sales taxes, waiving of permit & tap-on fees, in addition to employment incentives.
Tax Increment Financing:
TIF is a financial tool used to capture a portion of the increase in property taxes created from new construction.
- Reimburse up to 100% of the incremental 1% City sales tax for a period up to 10 years or until the maximum funding is reached in combination with the other funding assistance.
- Rebate up to 100% of the City’s portion of the property taxes on the incremental increase in the EAV for up to 10 years or until the maximum funding is reached in combination with the other funding assistance.
- Waiving of permit and tap-on fees.
Economic Development Fund Includes:
- Sales & Property Tax Rebates
- Utility Billing Discounts
- Waiver of Fees
- Employment Incentives
Madison County Discovery Enterprise Zone:
- Includes Sales Tax Exemption
- Investment Tax Credit
- Machinery and Equipment Exemption
- Utility Tax Exemption