PEORIA- The City of Peoria is hoping a tax incentive will revitalize its aging historic district.
Historic homeowners can now take full advantage of the historic district property tax freeze. That means the assessed value of historic homes is frozen for eight years.
Then comes a four year period where the property's value steps up to an amount based on its current market value. The city says this means twelve years of reduced property taxes, and a major incentive to restore Peoria's historic buildings.
The tax freeze only applies to homeowners who submit a renovation plan, but assistant city manager, Chris Setti said he's hoping it might draw more people into historic neighborhoods.
"So maybe take some of the rental property and turn it into owner occupied housing or take somebody who, you know, even a home owner who doesn't have the capacity is looking to sell, to sell to another potential home owner and be able to market the house as being, as having this incentive available to it," Setti said.
To qualify, homes must be individually listed on the national or Illinois registry of historic places, or be located within the historic district.
The city says that to qualify for the freeze, the property must undergo a substantial rehabilitation.
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