HomeMy WebLinkAboutA071 - Memo from City Assessor to builders, owners, realtors with restrictions �15�1 venue /
Ames,Iowa 50010
Ames City A s s e s s o r Phone (515)239-537
L'� Fax (515)239-5376
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JAN 0 117-2
1
DATE: January 29, 2002 LEGAL DEPARTMENT
CITY Of AMES IOWA
TO: Builders, Owners, Realtors, an p 1eS
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FROM: Richard Horn, City Assessor VAP
RE: Somerset Single-Family Tax Abatements
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Ames passed an Urban Revitalization plan for single-family houses in the existing Somerset
subdivisions. The plan is limited to 3-year, 100% exemptions that must be applied for no later
than February 1, 2004.
The Ames plan is subject to Iowa Code requirements. The restrictions include:
• The value added due to improvements (buildings) for the first year of eligibility is the
basis for the exemption. The increase in building value the first year the property is
completely assessed is the exemption amount all three assessment years.
• The value added due to improvements must be constructed during the time the property
was in the revitalization area. The final hearing was held April 24th, 2001. Houses
completed prior to that date are ineligible. Houses under construction are eligible for the
amount of building value, less the value of the construction completed prior to April 24th.
There were 8 houses started at the time of the final hearing. We contacted the builders and
requested the amount paid for building items to the end of April. This amount will be used to
calculate the exemption amount.
Abatement Example: 2818 Somerset Dr. was started in November of 2000. It was under
LEI construction and the builder reported$61,500 spent through the end of April 2001. The final
assessed value will be about$197,000. The abatement will be calculated as follows:
i
Total Assessed Value $197,000
Less land value -34,200
Improvement value $162,800
Cost of improvements thru 4/30/2001 -61,500
Amount of Value Exempt 3 yrs, per yr. $100,700
IMPORTANT: For each property listed as eligible, an exemption must be filed by the
current owner,no later than February lst for the year in which the improvement value is
fully assessed. Applications can be filed by the builder on unsold, completed houses.
Urban Revitalization is not an automatic exemption. Applications filed late will lose at least
one year of eligibility. Forms are to be filed with, and are available at the Planning &Housing
office in City Hall. The contact person is Mark Reinig.
The attached spreadsheet shows the eligibility amounts for the partially constructed houses, and
the houses that are not eligible. The column"Application for 20027' is as of today. Houses that
were substantially complete on December 3 1" should have an application filed by this Friday. It
appears there could be 9 or 10 eligible houses that were complete December 31s'that have not
applied for a 2002 exemption as of today.
Page 1 of 1 G:\ASRGROUP\DOC\Somerset\SomersetAbatementExplanation.DOC
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