Fort Scott’s Neighborhood Revitalization Program came one step closer to getting the approval needed for a renewal for five years when the Bourbon County Commission approved the program, joining the Fort Scott City Commission, who approved it at a recent meeting.
Director of Economic Development Heather Smith shared information with the county commissioners Tuesday morning, seeking their signature for the inter-local agreement between the area tax entities, including the county, city of Fort Scott, USD 234 and the Fort Scott Community College. Signatures from the latter two are still needed.
“The goal of this program is to basically encourage rehabilitation and development for residential and commercial properties that may not otherwise occur,” Smith said.
NRP offers incentives to Fort Scott residents who would like to improve the value of their homes, property or commercial buildings without paying the extra taxes. Those involved in the program who increase the value by 15 percent receive a rebate on the extra taxes resulting from the improvements.
Those living along the Wall Street corridor are exempt from that 15 percent requirement and will receive the rebate on any increase in value.
In the first four years of the program, with 2015 data pending, Smith said 15 commercial and 14 residential properties participated, increasing their valuations by a combined $3.6 million, more than a 265 percent return on the money rebated to the participants.
“It’s a good idea for anyone wanting to improve their property,” commission chairman Barbara Albright said of NRP.
Since its beginning, changes have been made to the program, such as giving the county tax assessor control over the procedure instead of the city.
“Last year we made a lot of procedural changes,” Smith said, saying those adjustments made the process more efficient.
Those wanting to participate in 2016 must apply before the end of the year and can then receive rebates for five-year terms for residential areas and 10 years for commercial properties.
Let me get this straight, if I let my property rot into decay, my taxes remain the same. But if I actually show some pride in my property and improve it, I’ll get taxed higher? I thought this was America. I’m taxed when I earn a dollar, taxed when I spend a dollar, and taxed for owning property. So if I’m taxed for making improvements that the 4th level of taxes……..In order to improve my property I have to earn money (taxed), then I have to buy materials and supplies (taxed), and then put in the labor on my property (taxed), and now that my property is improved I will have my taxes increased………Sure, that sounds fair and like a good idea………Luckily there are so many high paying jobs in FS that I shouldn’t even notice the extra taxes………..Thank You to the commissioners for signing this rebate program, but how about we abolish taxes on top of taxes, on top of taxes, on top of taxes…………Lets not forget that when I die, I’ll be taxed for that too 🙁
How will you be taxed whey you die?
“Estate Tax”…….I won’t be paying as I’ll be dead, but everything that I have already been taxed on will be taxed once again…….I may leave my fortune to you Bob so you can see how this over taxation really works……
So you have assets in excess of $5 million to trigger an estate tax?
$5M is not that much today, and I hope to live another 50 years so $5M won’t be much by then . A couple of houses will almost put you over that (not in Ft Scott perhaps). That fact that your wealth that you work your whole life to acquire can be taxed again is just ridiculous. That’s why most wealthy people keep their assets off-shore….