The city of Urbana has recently released a new program, Think Urbana, for potential homeowners. Think Urbana will make building and owning a home easier than before by paying no sales tax on construction materials purchased in Illinois, and saving 60% on property taxes on a new home within 5 years.
From Think Urbana’s press release:
The City of Urbana has unveiled Think Urbana, a new program that can significantly lower the cost of building and owning a new home in Urbana.
Through Think Urbana, home builders and owners can save 60 percent off property taxes on a new home in the first five years, and pay zero sales tax on construction materials purchased in Illinois.
“We are delighted,” said Mayor Laurel Prussing. “From now on, residents who build a new home in Urbana’s enterprise zone will pay less in property taxes for the first decade of home ownership than they would in Champaign.”
Available through the City of Urbana Champaign County Enterprise Zone, Think Urbana is made possible through the provision of property tax abatements from six local taxing partners: Urbana Unit 116 school district, Urbana Park District, City of Urbana, Cunningham Township, Champaign County, and Champaign-Urbana Mass Transit District.
A new home with a value of $80,000 could save up to $5,600 in property taxes with Think Urbana, a home with a value of $150,000 could save up to $11,875, and a home with a value of $225,000 could save up to $18,625.
The program is easy to qualify for; most single or two-family new construction homes located within the Urbana Enterprise Zone can receive Think Urbana incentives.
The City has also made available at thinkurbana.com the Think Urbana logo and marketing materials free for use by taxing partners, realtors, lenders, and home buyers.
Urbana has many great amenities including great neighborhoods, fantastic schools, abundant parks, a vibrant farmers market, gold-level Bicycle Community designation, diverse businesses, and family-friendly festivals. Think Urbana now makes it easier to take advantage of all Urbana has to offer.
For more information on the program, interested parties can visit thinkurbana.com, or contact Brandon Boys, Economic Development Manager at (217) 328-8270.