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Monday, June 17, 2024

Board reviews abatement program

Cottonwood County’s commercial tax abatement program could see considerable change in the near future.

At Tuesday’s special meeting, Cottonwood County Commissioners reviewed the requested tax abatement for the Mt. Lake hotel project ahead of next week’s public hearing on the proposal.

The county’s current commercial abatement program is a five-year program that uses a sliding scale — 100% in the first year, 80% in the second, then 60%, 40% and 20%. The abatement is on new construction and remodeling, but not on the existing portion of properties.

The Mt. Lake Economic Development Authority has requested the county use a program similar to tax increment financing, which essentially abates taxes on new construction and remodeling for nine years.

More on Tuesday’s meeting appears in the Aug. 23 print and e-editions of the Citizen.

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