Kristen Daum, Published October 12 2009
Fargo, West Fargo offer more tax incentives to buyers of new homesFARGO – West Fargo and Fargo have doubled the tax exemption available to the first owner of a newly constructed home – which could mean more than $5,000 in savings for homeowners.
The increase was made possible through state legislation passed earlier this year, which increased the tax exemption on a home’s value from $75,000 a year to $150,000 a year for up to two years.
West Fargo commissioners adopted the change at their meeting last week, while Fargo commissioners adopted it earlier this fall.
The change means homeowners can save up to $5,200 on their property taxes in the first two taxable years after the home was sold, according to the Home Builders Association of Fargo-Moorhead.
The increased incentive applies to homes in which construction started after Dec. 31, 2008.
At a press conference Monday morning announcing the change, Fargo Mayor Dennis Walaker and West Fargo Mayor Rich Mattern said they hope the increased incentive will encourage more young adults to buy homes and stay in the area.
“All this is done … to get people into homes who want homes and make them affordable and accessible to people,” Mattern said.
Read Tuesday’s Forum for more on this story