Standard TIF Incentive

The City of Urbandale offers a multi-year Tax Increment Financing (TIF) rebate to projects which add new taxable value added to a building in several urban renewal areas.

Eligibility

This incentive is available for any industrial or commercial buildings (retail or residential projects are not eligible). The amounts of TIF rebates are dependent on the County Assessor’s determination of increased taxable value of the buildings on the property.

Program Benefits

The Standard TIF property tax rebate is offered on a four-year sliding scale:

• Year One: 80% of the increment applicable to new construction
• Year Two: 60% of the increment applicable to new construction
• Year Three: 40% of the increment applicable to new construction
• Year Four: 20% of the increment applicable to new construction

Eligible Urban Renewal Areas

• Northwest Market Center
• Westover

Project Example

A company builds a new commercial building on a parcel of land. The land is valued at $500,000. The County Assessor determines the new building is valued at $1,000,000. Therefore, the property has a total valuation of $1.5 million. The TIF tax rebate is applied on new taxable valuation of the building ($1,000,000).

The TIF rate for calculating the rebate currently excludes property tax revenues required to service public debt, certain school levies and joint city-county building taxes. The TIF tax rate changes annually.

Next Steps

We're ready to help you! If you are considering a project which may be eligible for this incentive, please contact Urbandale's Economic Development department. We'll discuss the details of your project and help you through any "red tape" -- like completing a TIF application or development agreements.