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Park City revises homebuyer incentive to combine upfront grant with five-year partial property tax rebate
Summary
Council approved a revised program offering a tiered upfront incentive for new-construction first occupants plus a 75% rebate of the city's portion of ad valorem property tax for five years; staff said the program is intended to 'move the needle' on new home sales and remains limited to first-time occupants of new homes.
Park City council on April 9 approved revisions to the city's homebuyer incentive program designed to spur new-home construction and first-occupant purchases.
Staff proposed combining an up-front incentive (baseline $2,500 for lower-priced homes) with a five-year partial reimbursement of the city's portion of ad valorem property tax (75% rebate) for eligible buyers. "The city currently renewed the offer of the homebuyer incentive program, which is $2,500 for new home purchases where the developer or the builder participates by also offering $3,000 towards closing cost," staff told council…
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