Velva is a Renaissance Zone community. Businesses and individuals may qualify for one or more tax incentives for purchasing, leasing, or making improvements to real property located within the Velva renaissance zone area. A renaissance zone is a designated area within a city that is approved by the Department of Commerce Division of Community Services. The tax incentives consist of a variety of state income and financial institution tax exemptions and credits, and local property tax exemptions.
Velva has partnered with the state to create a 22 block Renaissance Zone where tax incentives are available for primary housing development / rehabilitation and commercial property development and construction.
With investment in property, owners and renters are allowed up to five years of tax incentives. Proposed Renaissance zone project must be submitted and approved prior to the purchase of property or start of renovation or construction. Application must be submitted to the City Auditor’s office for review by the Zone Authority, approval by the City Council and final approval by the ND Department of Commerce Division of Community Services. The estimated time for all approvals and review is 3-4 weeks. For more information on this area, please contact City Hall at 701-338-2855.
For more information on Velva’s Renaissance Zone, contact Velva City Hall at 701-338-2660 or North Dakota Tax Department at http://www.nd.gov/tax/taxincentives/renaissance/
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