ROCKFORD, Ill. (WTVO) — The Rockford City Council voted this week to extend a property tax rebate program for newly built homes. The initiative is intended to reduce the financial burden of taxes for new construction.
Under the program, the city discounts an estimated 75% of property taxes for new construction over a three-year period. Mayor Tom McNamara provided an example of the potential savings, noting that a buyer who purchases around a $200,000 home could save around $26,000.
The program applies to several types of residential properties, including single-family homes, townhomes and duplexes. To qualify, these properties must be located within the city of Rockford, Winnebago County and School District 205. Beyond property tax rebates, the city also waives water connection fees, permit fees and plan-review fees for new constructions…