Homeowners may receive a 5-year tax credit on the additional assessed value of their home due to recent improvements. The credit is 100% of the home improvement assessed value the first year and decreases by 20% for 5 years.
Home improvement tax credits wil not apply to improvements over $100,000.
The home must be owner-occupied at least 6 months a year.
Homeowner must experience an increased value in the assessed value of the property due to the improvements made to the property and provide the necessary proof.
Home must remain in compliance with the Housing Code.
The property tax credit will transfer with ownership.
The home must be the homebuyer's primary residence.