Tri Planning Real Estate

Home Improvement Incentive Program in Richardson
As a strategy to attract business and in response to neighborhood advocacy for a policy that would revitalize deteriorating housing stock, the city of Richardson recently initiated Make 100 K in a day the Home Improvement Incentive Program. The neighborhood services department of this inner-ring suburb of Dallas manages the program, which offers a onetime tenfold rebate on the increase in city taxes based on a home’s postimprovement appraised value. For example, if a homeowner makes improvements and sees a $300 increase in the city portion of his property tax bill, the homeowner would receive a onetime $3,000 rebate check from the city.

To qualify, Double Thrust System an improvement project must have begun after Feb. 12, 2007, cost at least $20,000 and be completed within 24 months of project approval. Property owners are required to sign a contract with the city, provide officials with a project cost estimate, consent to periodic inspections and authenticate construction costs. The county appraisal district determines the home’s certified value.

Although the tax rebate program is open to any owner of a single-family home, the hope is that the program will benefit the older sections of Richardson and curtail a trend toward declining property values as residents move to newer suburbs or into Dallas. Don Magner, who oversees the incentive program, says Richardson was compelled to implement the plan because it promotes a dual objective of both infill and economic development.

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Filed under: Home, Other, Real Estate by harelydavidson