Rockford passed a three-year property tax refund on Tuesday in a bid to spur the construction of new single-family as well as multi-family residential buildings.
Mayor Tom McNamara stated that the city has been working for years to cut its property tax levy.
It has also cooperated with other taxing agencies, such as Rockford Public Schools, to reduce its property tax rate. He stated that this is yet another step toward lowering property taxes.
Rockford plans to give the refund in collaboration with Winnebago County, Rockford Public Schools, as well as the Rockford Park District, among others. The initiative has been approved by the city as the first among them.
Who Is Eligible for Property Tax Rebate?
Property taxes for newly built single-family homes, duplexes, including multifamily buildings occupied prior to Dec. 31, 2025 would get rebated for three years under the proposal.
They have to be located within the city of Rockford, Rockford Public Schools, as well as Winnebago County boundaries.
Buildings that already receive other tax breaks would be ineligible, and single-family residences would have to be occupied by the owner.
Read More: Navigating Virginia’s 2023 Budget Deal: Pay Increases, Tax Relief, And School Investments
New Home Numbers Dropped Due to Real Estate Crisis
Rockford used to build 225 new homes every year, however that number has decreased since the 2008 real estate market crisis. Since then, Rockford has received approximately 20 new home development permits per year.
Ald. Mark Bonne, D-14, expressed worry about how multi-family rental houses are maintained and proposed an amendment to eliminate them.
After a protracted debate, the proposition was ultimately defeated, and the refund scheme was unanimously authorized.