Tax Incentives
The City of Monroe offers a variety of development incentives to encourage rehabilitation, expansion and retention for qualified developers and business owners. A complete description of each incentive is available by clicking the link below.
COMMERCIAL REHABILITATION DISTRICT - freezes the taxable value of a building for a defined period and exempts certain new investment from local taxes.
OBSOLETE PROPERTY REHABILITATION - incentive tool used to encourage the redevelopment of a blighted, contaminated or functionally obsolete building.
NEIGHBORHOOD ENTERPRISE ZONE - provides a tax incentive for the development and rehabilitation of residential housing.
BROWNFIELD REDEVELOPMENT AUTHORITY - an incentive tool that assists in the investment and rehabilitation of brownfield and economically challenged sites.
INDUSTRIAL FACILITIES TAX EXEMPTION - Industrial Facilities Tax Exemption is a property tax abatement program for industrial developments, expansions, and rehabilitation efforts.
FEDERAL REHABILITATION TAX CREDIT - federal income tax credits available for the rehabilitation of historic, income-producing properties.
FEDERAL OPPORTUNITY ZONES- Opportunity Zones are a newer incentive created to spur development in lower income areas of communities across the nation when the 2017 Tax Cuts and Jobs Act was enacted . The City of Monroe has two federally designated Opportunity Zones. Click here to view a map of the City's designated Opportunity Zones.
For more information on these incentives, please contact the Economic Development Department by calling (734) 384-9129.