ROCKFORD, Ill. (WTVO) — The City of Rockford is considering renewing a plan to dramatically cut the cost of building a new home under a pair of proposals currently moving through the Finance and Personnel Committee, including a three-year property tax rebate and a full waiver of building and water connection fees.
The measures, which appear on the February 23 committee agenda, are designed to spur new housing in a city where the age of housing stock and slow private investment have posed challenges.
Three‑year tax rebate for new builds
The biggest proposal is an intergovernmental agreement between the city and the Rockford Public School District 205, to extend an initiative that would refund 100% of property taxes for three years on newly built owner-occupied homes.
The rebate would apply to single-family, townhomes, two-family, three-family, and multi-family units. The home would have to be built on a lot platted before January 1, 2024 and receives a building permit sometime in 2026…