Think Urbana
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.
Think Urbana Property Tax Abatements will be applied as a 100% discount in the first year, an 80% discount in the second year, a 60% discount in the third year, a 40% discount in the fourth year, and a 20% discount in the fifth year, on the increase in property value by participating taxing bodies. The participating taxing bodies are the City of Urbana, Urbana School District, Urbana Park District, Cunningham Township, and the Champaign Urbana Mass Transit District. These taxing partners account for 94% of the tax bill.
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!
217-384-2372 or ezone@urbanaillinois.us
FAQs
What are the eligibility requirements for the Think Urbana program?
To be eligible for Think Urbana incentives, projects must obtain a building permit, have minimum project costs of $80,000, be new single-family, two-family, or townhouse construction, and be located within the City’s Enterprise Zone.
For qualifying projects, sales tax exemptions are available for building materials purchased in Illinois that will be permanently affixed to the property. Additionally, property tax abatements, distributed over a 5-year period, are also available.
What are the Think Urbana Program boundaries?
Think Urbana is a program of the Urbana Enterprise Zone that enables new homes constructed within the area to receive incentives. Most Urbana subdivisions with available lots are within the City’s Enterprise Zone. To explore the Enterprise Zone boundaries, you can view the map here: EZ/THINK URBANA Map
If you have further questions on whether a property is eligible for the Think Urbana Program, please call (217) 384-2372 or send an email to ezone@urbanaillinois.us.
How do I apply for the Think Urbana incentives?
Applying for Think Urbana is easy, and we are here to help. Feel free to contact us at (217) 384-2372 or ezone@urbanaillinois.us.
To enroll in the Sales Tax Exemption Incentive, the Lead Developer must submit a Master Application and pay a fee equal to 0.5% of the project's total building material costs. Each entity that will be purchasing materials will need to obtain their own Sales Tax Exemption Certificate by submitting a Sales Tax Exemption Application (Form A). A fillable version of this form is available here: Sales Tax Exemption Application (Form A)
To enroll in the Property Tax Abatement Incentive, a Property Tax Abatement Application (Form B) and a $271 fee must be submitted to the City of Urbana Economic Development Division. A fillable version of this document is available here: Property Tax Abatement Application (Form B)
You can find comprehensive details about our incentive programs here: EZ/THINK URBANA Program Overview
When do I receive the Think Urbana incentives?
Sales tax exemption certificates for building materials are issued directly by the State of Illinois. Economic Development Staff will submit the required documentation on your behalf once the Lead Developer's Master Application has been approved, the fees are paid, the building permit is issued, and your company's Form A has been received.
Property tax abatements will be applied after the home becomes fully assessed, usually one-year post-completion. The Form B and $271 fee must be received within 90 days of project completion in order to qualify for enrollment in this program.
Can I layer programs such as the Homestead, Veteran, or Homestead Exemption with the Think Urbana property tax abatements?
Yes, property owners can combine exemptions from the County with the City's EZ/Think Urbana Abatement.
Does a property have to be owner-occupied to receive the Think Urbana property tax abatements?
No, a property does not need to be owner-occupied to qualify for the Think Urbana Property Tax Abatement Program. Once applied for, eligible homes will begin their abatement period in the year following the full assessment of the new home. Property tax abatements are tied to the property and will automatically transfer to new owners if it is sold before the abatement period ends.
Resources
Realtors, lenders, builders, and other professionals are encouraged to utilize the following materials in their own promotions and may incorporate their logo alongside the Think Urbana program logo.