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The City of Rockford Homebuyer’s Property Tax refund Program


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The City of Rockford Homebuyer’s Property Tax refund Program


 

A 3-year property tax Refund program for buyers of distressed or newly built homes

 

Considering a home purchase? Then you need to know about the Homebuyer’s Property Tax Refund Program, a first-of-its-kind initiative to give property tax relief to buyers of distressed or newly built homes.

For a house valued at $100,000 that could mean up to $3,200 in tax relief each year for a period of 3 years. That’s actual, in-your-hand, no-catch cash that you use for home improvement, save, or spend any way you want!

The program will apply to any distressed, single-family house under contract for sale and purchase between March 7th and December 31st of 2016. New houses must have a building permit issued by December 31st of 2017 and an occupancy permit, and sold to the new homeowners by December 31st of 2017.

Properties would be eligible for refunds from the taxing bodies that approve the program. Currently, the City of Rockford, Rockford Public Schools, Rockford Park District, and the Rockford Library Board have approved the program – representing roughly 80% of a typical Rockford tax bill.

 
 

 
 

HOW DOES IT WORK?

 

Buy a distressed house — or build a brand new house — in the City of Rockford between March 17th and December 31, 2016.

Pay your property taxes as normal.

The City of Rockford pays back those property taxes in a lump sum at the end of the year — every year for three years.

 
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Qualifying


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Qualifying


Who Can Qualify?

 

Anyone! First-time homebuyers, people looking for a newer or larger home, empty nesters — anyone living in or outside of Rockford. If you can qualify to buy a house, you qualify for the program. The only requirements are that you buy a qualifying single-family house in the City of Rockford and Rockford School District, that you live in the house you buy and that you pay your property taxes.

 
 
 

 
 

What kinds of homes qualify?

 
 

1. Distressed homes.

That is, single family homes that have recently undergone foreclosure and are currently empty or short sale properties, in the City of Rockford and Rockford School District.

2. Newly built homes.

In other words, any home that you decide to build yourself, in the City of Rockford and Rockford School District.

 
 

Currently there are an estimated 109 distressed homes in the City of Rockford that currently qualify for the program — last year over 650 were sold — ranging in price from $25,000 to $290,000.

If you’re unsure whether the house you’re interested will qualify, check with your Realtor or call the City of Rockford Finance Department at (779) 348‐7470 or (779) 348‐7467 to find out.

 
 

to enroll:

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Where are the houses?


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Where are the houses?


Call the City of Rockford Finance Department at (779) 348‐7470 to verify that a property you are interested in purchasing qualifies for the program.

 
 
 
 
 

Why is Rockford creating this program?

 

The citizens of Rockford spoke. They told us they were concerned about the issue of housing foreclosures, and this is our response — an utterly new, first-of-its-kind initiative created to give three years of property tax relief to buyers of distressed or newly built homes.

Through the program the City of Rockford, Rockford Public Schools, Rockford Park District and other governmental units are hoping to revitalize the market for foreclosures and new single-family home construction, especially in and around Rockford Public Schools, an area recently designated a Next Generation Learning Community by the Ford Motor Corporation.

The ultimate goal of the Homebuyer’s Property Tax Rebate Program is to enliven our housing market, strengthen our communities, and create a stronger tax base — which in the end lowers taxes for all the citizens of Rockford.

 
 
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Find out more!


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Find out more!


 
 

Contact your Realtor or mortgage lender for more information. Or fill out and submit this easy form. Please specify a time when someone can call you back.

 
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