Property Tax Exemption On Its Way Out | VideoRene Thibault | 12/18/2012
During a public hearing today, the Ward County Commissioners voted to Terminate a two year property tax exemption that had been in place since 2009. The exemption was put in place for individuals and families trying to build or move into new single family homes, condominiums, and townhouses. It was a way to encourage growth and expansion.
But now, Ward county officials say with a strong economy now in place, the exemption is no longer needed, “The Commission, obviously before the oil boom and before the impact of the flood and things like that, decided there should be a way to incentivize growth, a way to encourage residents, small business owners, anything like that, to build new, or to re-purpose, remodel. So they adapted all these credits one of which was the 2 year New Construction Credit”, said Seth Hagen, the Ward County Tax Equalization Director.
Hagen went on to say that Ward County residents who have signed the 2 year exemption up to today, will still receive the benefit.