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1. What is the difference between Urban Revitalization Plan and Tax Abatement?

There really isn't any major difference. The Urban Revitalization Plan is the actual plan that provides for the ability to allow for the abatement of taxes for a period of time. Thus Urban Revitalization is the formal language and plan; however, many people refer to the plan and the process as simply tax abatement.

2. Who determines the amount of value that was added as part of my improvements?

The amount of value that is added is determined by the Buena Vista County Assessor based on the work done and listed in the building permit. We do not determine value and the assessed value added is rarely the same as the cost of construction. If you meet all the other criteria for the City’s Tax Abatement Plan we would suggest that you file for the program, there is no negative to applying.

3. Will the City’s Tax Abatement Program lower my assessed value if I don’t make any improvements?

No, you must make improvements that will achieve an assessed value increase as indicated within the policy (you must increase the actual value of the property by at least 20%) and you must comply with all applicable regulations including the requirement to get a building permit.

4. How will I know if I am approved for the Tax Abatement Program?

The Buena Vista County Assessor will provide notification of your approval or denial in the City’s Tax Abatement Plan based on the value added by April 1st annually on your annually Assessment Roll that is delivered by US Mail. If your application was denied because you didn’t add enough value (at least 20%) you will have a special typed section on the Assessment Roll notifying you of that status and why.

In the event the application is denied by the City of Storm Lake due to non-compliance with the criteria in the plan you will receive a written letter explaining why the application was denied from the City’s Building Official.

5. Why are properties located within an Urban Renewal Area not eligible for the City’s Tax Abatement Program?

Typically the Urban Renewal Area is utilizing the tax value for other incentives and economic development programs including the construction of public infrastructure that benefits the property with the Urban Renewal Area. Thus allowing an abatement of tax revenues for a period of time would take away the available revenues that were planned to be used for the other incentives and programs that are planned.

6. Who do I contact to find out if I was approved for the program or not?

The City will verify that you are in compliance with our regulations and then forward to the Buena Vista County Assessor’s office. To find out if you are eligible for the program based on valuation you can contact the BV County Assessor’s office at 712-749-2543. All other questions can be directed to the City of Storm Lake Building Official’s office at 712-732-8002 or by email at buildingofficial@stormlake.org.

7. I forgot to file my paperwork by February 1st of the first assessment year is there anything I can do to still get the abatement?

Provided that you are eligible and meet all the requirements of the program except for meeting the filing deadline of February 1 of the first assessment year you may still have an opportunity to receive all or part of the exemption.