Buffalo’s Renaissance Zone consists of 23 city blocks. Persons who build or improve property in this area are entitled to special tax incentives approved by the City of Buffalo and state of North Dakota.
Persons who build a new home on a lot in the zone are eligible for:
2. Astate income tax creditfor all your state income tax up to a maximum of $10,000 per year for up to 5 years.
Purchase a Residence
Persons who purchase an existing residence in the zone are eligible for:
Remodel an existing residence
Persons who make improvements equal to at least 20 percent of the current taxable valuation and increase the value of the property by at least 10 percent are eligible for:
1. A state income tax credit for all your state income tax up to a maximum of $10,000 per year for up to 5 years.
There are also incentives for businesses who locate or investors who invest in Zone properties.
1. Business or Investment income earned in the Zone or from Zone property is exempt from state taxes for5 years.
**All tax exemptions are subject to City of Buffalo and state of North Dakota approval.**
This is a general overview of the incentives. For more details on incentives or an application for Zone incentives call First State Bank.