Math - Property Tax Rebate Program
The Marymount College Administration Building was designated a Heritage Conservation Landmark by the City of Salina in 1996. This designation was based upon the buildings architectural and historical significance.
The purpose of the Heritage Conservation Landmark designation is to identify, safeguard and preserve the city’s historic and cultural heritage and to protect and enhance historic landmarks and districts which represent distinctive and important elements of the city’s architectural history.
One of the benefits of this designation is inclusion in the City of Salina Neighborhood Revitalization Area Property Tax Rebate Program.
We estimate the value of the property tax rebate will be in the range of $15,000 to $30,000 over the ten year period in which it is in effect, based upon the finished value of a condominium.
Marymount Properties will manage the application process for our clients. The City of Salina Neighborhood Services, a division of the City of Salina Community Development Services Department is responsible for the administration of the program and has been a tremendous help in navigating the requirements.
After an application has been made, the Saline County Appraiser sets a pre-improvement property value for the space being improved. Once improvements are completed and a Certificate of Occupancy has been issued, the appraiser will determine the property value of the condominium. The difference between the pre-improvement value and the completed value determines the value of the tax rebate.
As a condominium owner, you will receive one hundred percent of the tax rebate for five years. The next five years, you will receive fifty percent of the value of the tax rebate. The City of Salina Neighborhood Services Department will issue the condominium owner a letter outlining the property tax value that is subject to the rebate program.
The condominium owner will pay their taxes to the Saline County Treasurer and will submit the paid receipt to the City of Salina Neighborhood Services Department. The City of Salina will issue the condominium owner a rebate for the amount of property taxes that qualify. The property tax rebate will remain with the property for the extent of the rebate period even if the property is sold to a new owner.
If you are interested in learning more about the program we would love for you to come and see us. Our model is complete and your tour is waiting.
Contact DetailsAscension Rentals Property Manager
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