Chapter 353 Tax Abatement
An incentive that can be used by cities to encourage the redevelopment of blighted areas within the community. By definition, blight is interpreted differently than it is for LCRA or TIFs. Authority to use Chapter 353 Tax abatement is given in Chapter 353 of the Missouri Revised Statutes. The incremental property tax refers to the amount of increase in taxes due to the higher property valuations occurring after completion of the redevelopment project. Qualification for tax abatement requires the establishment of an urban redevelopment authority; a public hearing must be held before the governing body; and, the development area must be in accordance with Section 353.020(2) RSMo.
Chapter 353 provides the opportunity of abating 100% of the incremental taxes during the first 10 years, and 50% during the next 15 years.