Iola focuses on incentives

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Local News

September 10, 2019 - 10:04 AM

The impact of Iola’s ongoing Neighborhood Revitalization Plan will be explored further by Iola City Council members.

The Council scheduled a public hearing Sept. 23 to discuss renewing the plan, which provides property tax rebates to those who either build or refurbish existing properties within Iola city limits.

Property owners must increase the appraised values of their properties by at least $5,000 to qualify for the plan. If they do, the owners receive a refund equal to the difference in what they paid in taxes with the more valuable property. The full difference is refunded through the first five years, then reduced in 20 percent increments in years 6 through 10.

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