Through the Wayne County Land Bank's TURBO tax incentive business have an opportunity to grow and develop.
Excerpt:
"We do a lot of outreach to communities at TURBO and other
incentives are available through the Wayne County Land Bank," said Jill
Ferrari, executive project manager. "You determine the levels of
incentives."
The land bank offers individuals and developers
options such as tax exemptions and property tax rebates. The maximum
benefit has an optional 100-percent tax exemption during the year of
construction, with local government approval, and a 50-percent rebate
of property improvement expenses equal to 50 percent of property taxes
for five years following the TURBO agreement.
To receive the
maximum benefit, the project must result in an increase in the property
taxable value and the investor must complete new construction or total
rehabilitation. Other incentives are offered for partial rehabilitation
projects and brownfield redevelopment.
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