Obsolete Property Rehabilitation (OPRA) Tax Incentive:PA
146 of 2000 provides commercial and commercial housing property tax
exemptions. Applications must be approved at the local and state
levels, with a certificate issued by the State Tax Commission to be
effective. The property must have at least a 50% obsolescence finding
form an eligible community assessor and be located in an established
OPRA District. Exemptions are approved for one to twelve years to be
determined by the local unit of government with taxes based on the
previous years (prior to rehabilitation) taxable value. This value is
frozen for the length of the abatement. Each year the State Treasurer
may approve 25 additional reductions of half the school operating state
education taxes for a period not to exceed six years. Submitted
projects:
Project
| Type | Received
|
| 3080 Outer Drive | P.A.146 | 21-Dec-05
|
| 504 Brainard | P.A.146 | 10-Jun-06 |
| A&SHospPlaza | P.A.146 | 14-Sep-05 |
| Bagley Hsg Assoc | P.A.146 | 02-Jun-06 |
| Clark Estates | P.A.146 | 06-Jun-06 |