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Council receives first reading on expansion of urban decay abatement to include rehabilitation costs
Summary
Councilors received and filed a first-reading amendment that would let owners rehabilitating single-family homes in designated Peoria neighborhoods qualify for a 10-year tax rebate tied to increased assessed value; the change follows a state legislative amendment allowing rehabilitative costs to qualify.
The Peoria City Council on March 11 received and filed the first reading of an amendment to the city’s Urban Decay Abatement Ordinance that would expand tax-abatement eligibility to include rehabilitations of existing single-family owner-occupied homes in specified neighborhoods.
Corporation Counsel explained that the program, adopted in 2021, previously applied to newly built single-family owner-occupied homes in two targeted areas north of downtown and on the South Side. A legislative change at the state level last year…
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