Well, their idea is a ‘little’ different, but within the same scope;
“We have a real housing shortage on every level. Starter homes, upper-level homes, multifamily, you name it, we could use it,†city manager Amanda Mack said.
So about a year ago, the community decided to get serious about it.
Canton passed a program to rebate the city’s portion of new residential property taxes for five years. After that, five houses were built.
“And they all came because of the housing initiative,†Mack said.
Canton is using the tax rebate for NEW growth, while my idea would be to fix up older properties in the core of Sioux Falls. But either way, it encourages people to invest in housing, whether that is a NEW home in a smaller town, or to fix up a property in Sioux Falls. I actually believe if implemented, the program would be so popular, we could probably clean up a majority of core housing within 7-10 years, while actually increasing tax base after 5 years (once the rebate matures the homes will be worth more).
How about a 5 year property tax reimbursement for annexed Sioux Falls areas? Paving and water assessments first 5 years but nothing next 5 years. Improvements increase property values. Time without cost for some to sell and move farther from city limits.