Neighborhood Revitalization Program
Smith County recently renewed the Neighborhood Revitalization Plan for real property improvements with construction beginning on or after December 5, 2022.
This program provides tax rebates to property owners making improvements that raise the appraised value of all real property (and all qualified improvements thereon situated in Smith County) by $25,000 or more.
Exceptions: Non real estate items, sprinkling systems, fences, landscaping, gazebos, garden type structures, hot tubs, swimming pools, patios, irrigation wells.
Applications for this program are available at the County Appraiser's office. This program has a 5 year application period. It published in the Pioneer, the official county newspaper, on October 13, 2022, and October 20, 2022 and is filed in the office of the County Clerk of Smith County.
Schedule of Tax Rebates on Improvements
- Year 1 - 100%
- Year 2 - 80%
- Year 3 - 60%
- Year 4 - 40%
- Year 5 - 20%
Taxing entities participating include: Smith Center, Lebanon, and Kensington. Gaylord will be considering participation at the city council meeting in December 2022.
Frequently Asked Questions
What is a tax rebate?
A tax rebate is a refund of property taxes paid. Ty Under this program, property owners may receive a rebate of property taxes on the improved portion of their real property participating in this program. Under state NRP legislation, the tax related to the assessed value of the property prior to improvement may not be reduced and will continue to be payable.
Will I receive a rebate for the entire increase of property taxes on my improvements?
No, not all taxing entities have adopted the NRP. The rebates will be paid only from participating taxing entities. Tax rebates do not include the state levy.
Who applies for this program?
The property owner applies for this program. Even if a lessee improves real property and your lease agreement includes payment of property taxes, the property owner must apply. The tax rebate will be included as a part of the parcel's tax record for the term of the rebate regardless of who owns or occupies the property.