Neighborhood Enterprise Zone Tax Incentives

Grand Rapids Neighborhood Enterprise Zone

Neighborhood Enterprise Zone

Neighborhood Enterprise Zone

There are many GREAT reasons to own one of our amazing Downtown Grand Rapids Condos and enjoying a break from paying your property taxes for a few years is definitely on the top of anyone’s list. Condo owners have been able to enjoy the Renaissance Zone tax incentives but those have been phased out on all but a few condos. The remaining condos eligible for Renaissance Zone tax benefits until 2017 are; Sixty Five Monroe Condos, Cityview Condos, Front Row Condos and Minnharr Building Condos on Monroe Center Ave.

The Neighborhood Enterprise Zone, or NEZ, was set up to provide a tax incentive much like the Renaissance Zone. Designated communities will reduce property taxes for up to fifteen years in order to promote the revitalization of those neighborhoods.

The only Downtown Grand Rapids Condo currently eligible for this plan is Union Square Condos. Property taxes are reduced until 2019 while the NEZ is in effect. This greatly reduced your tax burden. For example, your yearly property tax bill at one of my listings at 600 Broadway #117 would be approximately $250. Quite a savings.

For more information or to see what is available downtown or elsewhere around the Grand Rapids area, please visit our Grand Rapids Home Search page or feel free to contact me directly.

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