Think Urbana and think of $34,000 savings on a $250,000 new home!
You can save 55 percent off property taxes over five years on new construction single family, duplex, and townhome homes, plus pay no sales taxes on construction materials.
In the first year, Think Urbana participants will receive a 100 percent discount on property taxes on the increased value of their new home from participating taxing partners. In the second year, that becomes 80 percent, then 60 percent in the third year, 40 percent in the fourth year, and 20 percent in the fifth year.
For example, single family home savings could look like this:
-
$19,750 on a $150,000 home
-
$34,000 on a $250,000 home
-
$55,500 on a $400,000 home
-
$105,750 on a $750,000 home
We are here to help! For more information, call 217-384-2444.
FAQs
What are the Eligibility Requirements for Think Urbana?
To get incentives through Think Urbana, projects must meet the following requirements:
- Building permit obtained
- Minimum project cost of $80,000
- New construction
- Single-family, two-family, or townhouse homes
- Located in the Enterprise Zone
For projects meeting the above requirements, Sales Tax Exemptions are available for new building materials purchased in Illinois and permanently affixed to the property.
What are the Think Urbana Program Boundaries?
Think Urbana is a program of the Urbana Enterprise Zone. New homes constructed within the Enterprise Zone can receive incentives. Most of Urbana subdivisions with available lots are within the Enterprise Zone. View the Enterprise Zone Boundary Map to learn more. If you have further questions on whether a property is eligible for Think Urbana, please call 217-384-2444.
Which Taxing Partners Participate in Think Urbana?
Participants who provide tax abatements through Think Urbana include the City of Urbana, the Urbana School District, the Urbana Park District, Cunningham Township, and the Champaign Urbana Mass Transit District. These taxing partners account for 94 percent of your tax bill.
How do I Apply for Think Urbana Incentives?
Applying for Think Urbana is easy, and we are here to help. Contact us at 217-384-2444. To receive property tax abatement, you must submit a master application, property tax abatement application, and a $271 fee to the City of Urbana.
To receive sales tax exemptions, each entity purchasing materials will need a separate sales tax exemption certificate. To receive a sales tax exemption certificate, submit a master application, sales tax exemption certificate applications, and a fee equal to 0.5 percent of eligible building materials to the City of Urbana Economic Development Division.
The following materials are available:
- Step-by-step application guide
- Project master application
- Sales tax exemption application
- Property tax abatement application
When do I receive Think Urbana Incentives?
All incentives are conditioned upon the Economic Development Division’s approval. Sales tax exemption certificates are released upon the issuance of the building permit. Sales tax is then waived at the point of sale for all eligible building materials. Property tax abatements begin the first year after the new home is constructed and fully assessed.
Can I layer programs such as the Homestead Exemption and Think Urbana Property Tax Abatements?
Yes, property owners receive both a homestead exemption and Think Urbana property tax abatements.
Does the owner have to occupy the property to receive Think Urbana property tax abatements?
No, property tax abatements begin the first year after the new home is fully assessed. All homes qualifying for Think Urbana and completing the necessary 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.
Where can I get resources about the program?
Promotional materials for use in advertising Think Urbana properties can be found at thinkurbana.com. Realtors, lenders, builders, and other professionals are encouraged to use these materials in their promotions and may incorporate their logo alongside the Think Urbana Program logo.