Taxes and Tax Exemptions (Municipal Code: Chapter 13)
Exemptions for Newly Annexed & Undeveloped Lands
The city provides several tax exemptions for newly annexed and undeveloped lands. Undeveloped land means land without buildings or with usable buildings covering no more than 4% of the land area.
The total tax on such newly annexed land, including city taxes, county taxes, and school taxes, will not exceed the dollar amount levied on the property had it remained outside the City of Newark.
This exemption from full taxation may continue for five years from annexation date, or until the property owner obtains a building permit, whichever occurs first.
Partial Tax Exemptions
Partial tax exemptions are available for all new structures constructed in MI, ML, or MOR Zoning districts for industrial, manufacturing, and warehousing purposes. This partial exemption from City of Newark real estate taxes is granted for the increase in assessed valuation of the property attributable to the new construction for a 10 year period.
New Construction Exemptions
The exemption for new construction starts at 100% for the first year and decreases 10% annually through the 10 year period.
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For more information, please contact the Finance Department at 302-366-7088.