City of Thomasville Downtown District Tax Incentive Program
Plan for provision of revitalization - §160A-537(b)(3). The tax incentive which is provided in the Municipal Service District will attract investment in the commercial and industrial properties in the district, and will reduce downtown blight, increase the property value of the subject properties and also of nearby properties, and will support locally owned businesses and contribute to control of urban sprawl. Further, low income and moderate income citizens who live adjacent to the downtown would receive additional commercial services and employment opportunities by the increase in business in the downtown area. Finally, the creation of the District will improve the aesthetic character of the business district and will provide restoration and preservation of the historic downtown.
The City and property owner enter into a contract wherein the owner will provide tax documentation of their property in the district before any improvements are made. Then after renovations are made, the property owner will provide the City with the new tax bill and a receipt of the taxes paid. The City will grant back to the owner the additional taxes paid for up to five years. Each year the property owner will provide documentation to receive the grant.