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Questions If you have any questions or comments, please contact Neighborhood Services at 972-744-4166, or the Neighborhood Services group email. Regular office hours are Monday through Friday from 8 a.m. to 5 p.m.

HOME IMPROVEMENT INCENTIVE PROGRAM

Above The Fold Home Improvement Incentive Program Video

The City of Richardson is proud to offer the Home Improvement Incentive Program. This unique and innovative tax rebate program is designed to provide an economic incentive to homeowners who substantially reinvest in their home.

The purpose of the program is to:

• Encourage reinvestment in residential neighborhoods
• Help distinguish Richardson from surrounding communities by providing an economic incentive to prospective buyers
• Positively affect the value of the City's housing stock
• Lower the financial hurdle for homeowners to make significant improvements to their homes
• Demonstrate a strong commitment by the City to reinvest in residential neighborhoods

How the program works…

Eligibility

All homeowners in single-family zoned areas are eligible to participate, except those who are delinquent in taxes or other fees.

To qualify, an improvement project involving the reconstruction or remodeling of a single family home must cost at least $20,000 and be completed within 24 months of project approval.

Application & Incentive Contract 

To participate, a homeowner will be required to submit an application to the Neighborhood Services Department prior to construction beginning, provide a cost estimate for the improvement project, consent to periodic inspections during construction and verify final construction costs.

If an application is approved, the homeowner will be required to execute an economic development agreement with the city prepared and approved by the city attorney.

Incentive Payment

A one-time rebate equal to 10 times the amount of the increase in city taxes will be paid to the homeowner based on the property's pre-construction and post-construction appraised value. The appraisal district will determine the home's certified value.

The rebate will be paid to the homeowner pursuant to the economic development agreement on April 1 of the first full calendar year after completion of the approved project.

Example

Assume that a home improvement project commences in January 2009 and is completed in June 2009. Further assume that the 2010 property taxes increased $300 above the 2009 property taxes as a result of the increase in the taxable value of the improvements. The total incentive would be $3,000 and would be paid on April 1, 2011.

View the Home Improvement Incentive Program Ordinance.