Your property in the Ivanhoe neighborhood may be within the Oak Park Urban Renewal Area, which makes it eligible for 10 years of property tax abatement.
Owner-occupied single-family homes, as well as investor-owned single-family rental homes, can apply for property tax abatement during their construction or rehabilitation. Owners must spend at least $5,000 per housing unit to qualify and the project must be in compliance with the LCRA’s Rehabilitation Guidelines (copy attached ). At least 25% of the project costs must be for exterior improvements. Projects costing less than $25,000 pay a $30 application fee, while projects of $25,000 or more pay a $130 application fee.
Applicants simply complete the tax abatement application as it nears completion, attach the necessary documentation, and send the application, along with the application fee, to the LCRA at 300 Wyandotte Street, Suite 400, Kansas City, MO 64105.
LCRA staff will contact you to schedule an inspection of your project. After your property inspection is approved, LCRA staff will prepare and submit a Certificate of Tax Abatement to the County Assessor. This “freezes” the taxable assessed value of your property for 10 years. Your annual property tax savings will stay in your pocket!
For more information contact.
ROBERT LONG, EDFP
Senior Development Services Specialist
ECONOMIC DEVELOPMENT CORPORATION OF KANSAS CITY
300 Wyandotte I Suite 400 I Kansas City, MO I 64105
d: 816.691.2104 I www.edckc.com