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Buffalo, North Dakota

 

Renaissance Zone

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.

 

New Construction

 

Persons who build a new home on a lot in the zone are eligible for: 
    1.   Complete abatement of property taxes on the structure for up to 5 years.You must still pay the tax on the lot. This is generally less than $50.00 per year. You would also be required to pay any specials if there are any.

     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
     1.  A  state income tax credit  for all your state income tax up to a maximum of $10,000 per yearfor up to 5 years. 
     2.  Up to a maximum of a fifty percent abatement of property taxes for up to 5 years.

 

 

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.   
     2.  Up to a maximum of a fifty percent abatement of property taxes for up to 5 years.

 

Business incentives

 

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.
     2.    The City may grant up to a 50% abatement on property tax for purchase of  Zone property or up to 100% abatement on property improvements to Zone properties.
 

**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.

 

 

 

 

 

 

 

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