OTC extends property tax rebate program to support housing growth
News | Published on October 7, 2021 at 7:30pm GMT+0000 | Author: Chad Koenen0
Program now offers rebate on OTC portion of taxes
The Otter Tail County Board of Commissioners approved an expansion and extension of the property tax rebate program for single and two-family homes at their Sept 14 meeting. The rebate program is one component of the County’s Big Build housing growth and investment initiative that launched in late 2019, specifically to encourage new investment and construction of single and two-family homes.
The program provides financial support to the homeowners or the builders of the home in the form of rebated, or refunded, property taxes. When the program was introduced, applicants could receive a rebate of up to $5,000 of the county’s portion of future property tax and $5,000 of the city’s portion in select cities. The expansion to the program now provides applicants up to $10,000 of the county’s portion of future property taxes and $5,000 of the city’s portion. The increase in rebate amount will be extended retroactively to program applicants that applied in 2020 and 2021 before the change was made. Additionally, the program application deadline has been extended from December 2022 until December 2024.
“The updates and extensions to the rebate program have been made because it has proven successful as a real answer to housing growth. The board and county staff recognize the supply chain and construction cost challenges that new homeowners and builders are facing to address the growing need for housing. Allowing for more time and a larger rebate amount will hopefully continue to encourage those thinking about building a new home to make the investment now while this support is available.”Otter Tail County Commissioner Lee Rogness
Housing growth continues to be a countywide priority to address workforce needs and existing residents’ needs. With more than 1,000 available jobs in the County, increasing the housing supply will help meet the needs of newcomers filling these job openings and existing residents seeking more suitable housing options.
The Property Tax Rebate Program has seen great success with 150 applications from across the County since it was launched in January 2020. The extension of the program offers greater support for continued success. More information about the Big Build including details on how to apply for the tax rebate program can be found at www.bigbuildotc.com and by contacting Amy Baldwin at email@example.com or 218-998-8050. Applications to the tax rebate program must be submitted before construction begins.