MENU Renaissance Zone HOME DEVELOPMENT OEI BUSINESS & RESIDENTIAL INCENTIVES RENAISSANCE ZONE What is the Renaissance Zone & How Can It Help Me? The Renaissance Zone Program is a state-based project, sponsored by the North Dakota Department of Commerce that utilizes tax incentives to promote business growth and urban renewal. Renaissance Zone Map - OAKES_RENAISSANCE_ZONE_MAP.pdf Additional Information - Renaissance Zone Information.pdf How Do I Apply? To apply, complete the application listed below and submit to City Hall. Please contact City Auditor for assistance or more information, 701.742.2137. State Application.pdf Local Application.pdf Requesting Certificate Good Standing.pdf APPLICATION FOR BUILDING PERMIT-2016.pdf New Business Property Tax Exemption Application.pdf New Residential Construction Tax Exemption-Oakes.pdf New Residential Property Tax Exemption-Oakes.pdf Property Tax Exempt for Improvements Application.pdf Who Qualifies? Purchasers and current owners of single family residences located within the Renaissance Zone with improvements exceeding 20% of the true and full value may qualify. Purchasers and current owners of commercial property located within the Renaissance Zone with improvements exceeding 50% of the true and full value may qualify. Objectives & Goals The Renaissance Zone will make Oakes a more business-friendly community that will attract new businesses and services. The Renaissance Zone encourages home improvement to maintain a supply of a good and diverse housing inventory that meets the needs of all age groups and income levels. The Renaissance Zone will encourage home ownership and local investment in housing and business development. The Renaissance Zone will improve the visual appearance of the downtown business district by making it a vibrant and inviting place for all types of activities. The Renaissance Zone promotes Oakes as a city that offers a full range of services for its citizens, visitors and prospective customers, residents, and business owners. The Renaissance Zone will improve the overall tax base and ultimately aide in creating new jobs. The Renaissance Zone will be a catalyst to continued downtown revitalization, building upon infrastructure improvements and recent economic development. Possible Benefits Property Tax Exemption Property undergoing renovations or improvements in the Renaissance Zone Plan shall be eligible for a 50% exemption for two years on the improvements to property that is rehabilitated. Single family property tax exemption-owner. The city will grant a 100% exemption two years on the ownership up to $100,000 of the full value of a single-family, condominium, and townhouse type structure to the first time owner or occupant. Business investment property tax exemption-construction. The city will grant an exemption for 5 years on any property expanding or newly constructed for any business purpose at the following rate: year one 100%, year two 80%, year three 60%, year four 40%, year five 20%. State Tax Credit and Exemption Single-family residence individual income tax credit up to $10,000 per year for five years to purchase or rehabilitation projects Business state income tax exemption up to 100% for five years for purchase, lease rehabilitation, leasehold improvement or public utility infrastructure projects Investment income exemption up to 100% for five years for purchase, lease rehabilitation, or leasehold improvements for residential or commercial properties Business purchase or expansion individual income tax credit up to $2,000 per year for five years for purchase of a new business, expand an existing business owned by the taxpayer, or leasehold for residential or commercial projects. ND Tax Commissioner has additional information. News & Updates 2021 Fall Clean Up & Electronics Recycling Posted on 09-15-2021 Job Opening: Water Treatment Plant Operator/Public Works Employee Posted on 07-11-2021 2021 Spring Clean Up & Electronics Recycling Posted on 04-15-2021 Summer Landfill Hours Start Tuesday March 30th Posted on 03-22-2021 View All News & Updates Popular Pages Business Directory, City Forms, Employment, Irrigation Days, Summer Rec Forms, City of Oakes • 124 S 5th Street, Oakes, ND 58474 • (701) 742-2137 • Contact Us Copyright © 2013-2021 City of Oakes, ND & its licensors.