The Downtown Liberty Residential Chapter 353 District ("Downtown Residential District") allows the Liberty Municipal Redevelopment Corporation (LMRC) to receive partial abatement of property taxes for properties within the redevelopment area in accordance with the Downtown Residential District that are rehabilitated or redeveloped in accordance with the Redevelopment Plan. The purpose of the corporation is to provide a streamlined, cost-effective means for individual property owners to obtain partial tax abatement on their properties in return for making improvements. Stock in the corporation is owned wholly by the City of Liberty and the corporation is managed by a board of directors.
DOWNTOWN RESIDENTIAL PROPERTY TAX ABATEMENT
Under the authority of the Urban Redevelopment Corporations Law, redevelopment investment is encouraged through property tax abatement.
The residential area qualifying for participation includes the historic districts and residential properties surrounding our downtown.
100% of the improved property value for a period of 10 years is available to property owners wishing to invest a minimum amount into their property.
This district includes approximately 920 residential properties.