Mural installation along the Eastern wall of The Old City Hall Building, a recipient of a property tax abatement.
pROPERTY TAX ABATEMENT
Section 17-21-5 of Mississippi Code grants “municipalities the authority to exempt from any or all ad valorem taxes excluding ad valorem taxes for school district purposes, for a period of not more than 7 years, any privately owned new structures and any renovations of an improvements to existing structures lying within designated central business district or historic preservation district. With the support of Leflore County and the City of Greenwood, Main Street Greenwood enacted the Property Tax Abatement Resolution in 2014. Properties within the downtown historic district that meet the following requirements are eligible for the property tax abatement.
Tax Abatement Proposal for Greenwood, MS:
Minimum investment of 45% of new appraised value by Leflore County Tax Assessor
Commercial/Retail Property:
a. Year One: 100%
b. Year Two: 100%
c. Year Three: 100%
d. Year Four: 50%
e. At end of fourth year, if building is fully occupied with a viable retail business, property owner is eligible for one additional year abatement at 25%
Residential Property:
a. Year One: 100%
b. Year Two: 100%
c. Year Three: 100%
d. Year Four: 50%
e. At the end of the fourth year, if building is fully leased, property owner is eligible for one additional year abatement at 25%
Conditions:
a. Property owner is eligible for the Residential Abatement if second/subsequent story is converted into residential
b. 25% of minimum investment must be spent on public façade of building
c. Abatement is based on most recent appraisal
d. Owner is eligible for one additional year of tax abatement at 25% for both residential and commercial properties if he/she incorporates at least 3 of the following green building standards based on Enterprise Green Communities Criteria:
• 80% of installed, interior lighting fixtures must be ENERGY STAR qualified
• Low/No VOC Paints & Primers (Flats 50g/L; Non-Flats 50g/L; Floor –100 g/L) used
• Provide one or more easily accessible, permanent areas for the collection and storage of materials for recycling by City of Greenwood
• At least 25% of wood products and materials must be FSC-certified
• Install all ENERGY STAR appliances (washer/dryer, refrigerator, dishwasher)