Fort Madison, IA – A new tax incentive for rural Lee County residents and business owners is moving forward. The Board of Supervisors has approved the first reading of a proposal to create a tax abatement program in unincorporated Lee County. The measure allows for property taxes on new residential or commercial construction to be waived for 2 years. The incentive is already in place for industries. Vice-Chairman, Larry Kruse, says the county's goal is to attract economic development. The exemption would also be available if the value of an existing home is increased by 10% or a commercial property's value jumps by 15% through expansion. At this point, farm buildings on agricultural land are not included, though the board could eventually expand the exemption. Several dozen residents turned out a public hearing on the program, with most speaking in favor of the idea. The proposal could be finalized next week and would begin in January.
Lee County Tax Abatment Plan Progressing
