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City of Storm Lake, Iowa Revitalizattion Program is authorized under Iowa Code Chapter 404 and as adopted by teh City's Urban Revitalization Program.
Residential Housing- Maximum five (5) year exemption of 100% on the first $75,000 of actual value added.~ Commercial Property- Maximum three (3) year exemption of 50% on the actual value added.~ Multi- Residential-10 year 100%~ NOTE: Minimum 20% increase on actual value required.
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For complete details regarding eligibility & requirements see the Urban Revitalization Plan (4-4-2005) and amendment #1 (2014) and Ordinance.
Tax Abatement is NOT allowed in any current or future Urban Renewal Area within the City limits of the City of Storm Lake. Your application for Tax Abatement must be filed with the City of Storm Lake by February 1st of the assessment year for which the exemption is first claimed but in no case not later than two (2) years after the February 1st following the year that the improvements are first assessed for taxation. Your project must be completed so that the first full assessment is not later than January 1, 2024. Your signature below indicates your understanding of the City of Storm Lake Urban Revitalization Program and authorizes your desire to apply for tax abatement on this property provided that it qualifies under the terms of the program. Please attach the approved building permit to your application.
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