Think Urbana

Urbana has always been a great place to live

Great neighborhoods, fantastic schools, parks, safe communities, bicycle friendly gold, sustainability, Market at the Square, Downtown Urbana, high-speed internet, and the annual Sweetcorn Festival are just ten of the many reasons to build or live in Urbana.

 

Now Think Urbana can significantly lower the cost of building or owning a new home in Urbana

Participants in the program can save 60% off property taxes on a new home in the first five years and pay no sales tax on construction materials purchased in Illinois. Think Urbana is a program of the City of Urbana / Champaign County Enterprise Zone.

 

For more information on how to obtain incentives, including a step-by-step guide to applying, visit the Urbana Enterprise Zone webpage.

View the Champaign County Interactive Public Map, or the Enterprise Zone Boundary Map to explore the Enterprise Zone boundaries. Instructions for the Interactive map can be found in the Interactive Map Instructions

Property Tax Abatements are provided for the first five years after the new home is constructed and assessed. Think Urbana participants will receive a 100% abatement the first year, 80% the second year, 60% the third year, 40% the fourth year, and 20% the fifth year.   Property Tax Abatements are provided on the increased value of the new home, and property owners will continue to pay taxes on the value of the land. To receive Property Tax Abatement, a  Master Application, Property Tax Abatement Application, Property Tax Abatement Agreement, and $250 fee must be submitted to the City of Urbana Economic Development division. Property tax abatements are offered through partnership with the Urbana School District, Urbana Park District, Cunningham Township and the CU Mass Transit District.

Sales Tax Exemptions are available for new building materials perminantly affixed to the property, which are purchased in Illinois. Each entity who will be purchasing materials will need to obtain a seperate Sales Tax Exemption Certificate. To receive a Sales Tax Exemption Certificate, a Master Applications, Sales Tax Exemption Certificate Applications, and a fee equal to 0.5% of eligible building materials must be submitted to the City of Urbana Economic Development division.

 

As a program of the Urbana Enterprise Zone, Think Urbana Utilizes the Same Application Materials

Urbana Enterprise Zone & Think Urbana Application Materials

 

  

Think Urbana is easy to qualify for

Projects meeting the following criteria are eligible to receive incentives through Think Urbana:

  • Projects must obtain a building permit.
  • Projects must be new construction.
  • Projust must have a minimum project cost of $80,000.
  • Projects must be located within the Enterprise Zone. To determine if a property is located in the Enterprise Zone, visit the Champaign County Interactive Public Map. Instructions for the Interactive map can be found in the Interactive Map Instructions.
  • Projects must be single, two-family, or townhouse homes. For a full description of eligible project types, view the Residential Eligibility Sheet.

 

Explore Urbana opportunities

Use the Think Urbana Residential Map to find the perfect neighborhood for your new home. The map displays the Think Urbana boundaries along with neighborhood amenities such as grocery stores, restaurants, parks, and schools.

Resources

Promotional materials for use in advertising Think Urbana properties can be found at thinkurbana.com

 

FAQs

What are the Think Urbana Boundaries?

View the Champaign County Interactive Public Map, or the Enterprise Zone Boundary Map to explore the Enterprise Zone boundaries. Instructions for the Interactive map can be found in the Interactive Map Instructions.

 

How do I apply for Think Urbana Incentives?

For more information on how to obtain incentives, including a step-by-step guide to applying, visit the Urbana Enterprise Zone webpage.

 

Can I layer programs such as the Homestead Exemption and Think Urbana Abatements?

Yes, property owners can layer programs including receiveing both a Homestead Exemption and Think Urbana Property Tax Abatements.

 

Does a property have to be owner occupied to receive Think Urbana Property Tax Abatements?

No, Property Tax Abatements begin the first year after the new home is assessed. All homes qualifying for Think Urbana and completing the neccessary application steps will receive Property Tax Abatements.

 

Does participating in Think Urbana require me to retain ownership of my new construction home?

No, there are no requirements to retain ownership of your new construction home. Property Tax Abatements are tied to the property and can continue under new ownership.

 

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Created on: Tuesday, March 29, 2016 - 16:25
- Author - ElizabethH
- Contributors: BrandonBWillKElizabethH