Think Urbana and think $34,000 savings on a $250,000 new home!
Save 55% off property taxes over five years on new construction single family, duplex, and townhome homes and pay no sales taxes on construction materials.
In the first year Think Urbana participants will receive a 100% discount on property taxes, 80% the second year, 60% the third year, 40% the fourth year, and 20% the fifth year on the increased value of their new home from participating taxing partners.
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’re here to help!
Call (217) 328-8274
What are the Eligibility Requirements for Think Urbana?
To get incentives through Think Urbana, projects must obtain a building permit, have a minimum project cost of $80,000, be new construction, be single-family, two-family, or townhouse homes, and be 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 explore the Enterprise Zone boundaries. If you have further questions on whether a property is eligible for Think Urbana please call (217) 328-8274
Which Taxing Partners Participate in Think Urbana?
Participants of Think Urbana will receive the tax abatements on the City of Urbana, Urbana School District, the Urbana Park District, Cunningham Township, and the Champaign Urbana Mass Transit District taxes. These taxing partners account for 94% 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) 328-8274 . To receive Property Tax Abatement, a Master Application, Property Tax Abatement Application, and $260 fee must be submitted to the City of Urbana Economic Development division.
To receive Sales Tax Exemptions, each entity that will be purchasing materials will need to obtain a separate Sales Tax Exemption Certificate. To receive a Sales Tax Exemption Certificate, a Master Applications, Sales Tax Exemption Certificate Applications, and a fee equal to 0.5% of eligible building materials must be submitted to the City of Urbana Economic Development division.
When do I receive Think Urbana Incentives?
All incentives are conditioned upon application to and approval by the Economic Development Division. Sales Tax Exemption Certificates are released upon the issuance of the building permit. Sales tax is then waived for all eligible building materials at the point of sale. 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 a property have to be owner occupied 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.
Promotional materials for use in advertising Think Urbana properties can be found at thinkurbana.com. Realtors, lenders, builders, and other professionals are encouraged to utilize these materials in their own promotions and may incorporate their logo alongside the Think Urbana Program logo.