Home in Collin County

For anyone living in Richardson (or considering a move there), you should know about a new program which will help out homeowners in more than one way.  First, it provides a financial incentive to updating/upgrading the exterior (and interior) of their home.  Second, it will help in encouraging homeowners to give their homes a "facelift", which improves the overall appearance of the neighborhood.  Newer-looking homes raise property values, which helps keep the city desirable and attractive.

Purpose of the program
Provide an economic incentive to homeowners to encourage reinvestment in residential neighborhoods.

How the program works
Eligibility

All homeowners in single-family zoned areas are eligible to participate, except those who are delinquent in taxes or other fees.  To qualify, an improvement project involving the reconstruction or remodeling of a single family home must:
 
(1) commence after February 12, 2007
(2) cost at least $20,000 and
(3) be completed within 24 months of project approval.

Application & Incentive Contract

To participate, a homeowner will be required to submit an application to the Neighborhood Services Division, provide a cost estimate for the improvement project, consent to periodic inspections during construction and verify final construction costs.  If an application is approved, the homeowner will be required to execute an economic development agreement with the city prepared and approved by the city attorney.

Incentive Payment

A one-time rebate equal to 10 times the amount of the increase in city taxes will be paid to the homeowner based on the property's pre-construction and post-construction appraised value. The appraisal district will determine the home's certified value.  The rebate will be paid to the homeowner pursuant to the economic development agreement on April 1 of the first full calendar year after completion of the approved project.

Example
Assume that a home improvement project is completed in June, 2007. Further assume that the 2008 property taxes increased $300 above the 2007 property taxes as a result of the increase in the taxable value of the improvements. The total incentive would be $3,000 and would be paid on April 1, 2009.

For more information
Please contact Neighborhood Services at 972-744-4166 or online at www.cor.net.

Angie Stephens
Ebby Halliday Realtors
469-236-9899
www.collincountytxhomes.com