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City administrator warns that proposed state property-tax changes could reduce revenue and prompt reconsideration of local tax abatements
Summary
City Administrator Bill Skaer briefed the council on Jumpstart Boone tax-abatement program details and warned that state-level property-tax cuts or a 2% valuation cap could reduce city revenues and alter the affordability of locally offered abatements, suggesting council consider possible modifications depending on legislative outcomes.
City Administrator Bill Skaer told the council that the city—s Jumpstart Boone economic incentive provides a 100% tax abatement for qualifying commercial improvements for three years and a residential abatement covering $75,000 of home value for the first five years.
Skaer told the council he was not asking for action at the meeting but urged…
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