Tax Stabilization

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Tax Stabilization on Capital Improvements

In order to encourage the re-use of historic properties for Economic Development, the City of Newport may provide tax relief for the expansion, renovation, or development of older commercial or industrial buildings.

A five-year pro-rata tax exemption on the value of the improvements made to the building is available on expansion or renovation projects that increase the value of the property by a minimum of $100,000, provided the improvements conform to the standards set forth by the Historic District Commission.

Reference is made to Section 4.08.110 of the City of Newport Codified Ordinances.

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