Deadline approaching for OTC tax rebate program
News | Published on October 8, 2024 at 5:44pm EDT | Author: frazeevergas
0Application deadline is December 31
The deadline for homebuilders to apply to the Otter Tail County Property Tax Rebate Program is December 31, 2024. Approved applicants would have until the end of 2025—one year after approval—to begin construction on their new home. The Property Tax Rebate Program provides financial support for the construction of a new home in Otter Tail County in the form of rebated, or refunded, property taxes.
The December 31, 2024 application submission deadline will not impact homeowners and builders previously approved for the program. Following application approval, homeowners or builders receive rebates up to $10,000 of the county’s portion and $5,000 of the city’s portion of future property taxes. The rebated property taxes are paid to homeowners after the home is built for up to five years.
The Property Tax Rebate Program was launched in late 2019 as a limited-term program and is one component of Otter Tail County’s Big Build Initiative for housing growth and investment. The program was created specifically to encourage new investment and construction of single and two-family homes.
With more than 350 applications from across the county, the Property Tax Rebate Program has seen great success.
“We are thrilled with the success of the Property Tax Rebate Program and the resulting housing growth throughout the County. The efforts for housing growth and investment have only grown since 2019, and I look forward to the continued work of the CDA and HRA to meet housing needs of existing and new residents,” said Otter Tail County Board Chair Kurt Mortenson.
While this program is coming to an end, housing growth continues to be a countywide priority to address workforce needs and existing residents’ needs.
Since the launch of the Big Build Initiative in 2019, there has been a significant expansion of housing resources and project capacity available through the county via the Community Development Agency (CDA) and Housing and Redevelopment Authority (HRA). The CDA and HRA have developed additional housing programs to support multi-family housing growth, rehabilitation, and affordable housing development.
Applications to the Property Tax Rebate Program must be submitted before construction starts. Applicants have one year from the approval date to begin construction. To be approved, the new home must become the applicant’s primary residence when construction is complete.
More information about how to apply for the tax rebate before the December 31, 2024, deadline can be found at www.bigbuildotc.com. Additionally, information about the Big Build Initiative and County housing programs can also be found atwww.bigbuildotc.com.