At Ashland Park, we strive to offer every customer a satisfying, stress free home buying experience. First Federal, Busey Bank, and Midland States Bank have partnered with Ashland Park to provide the convenience of one-stop shopping. We will walk you through the steps of applying for a mortgage and the financing.
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Ashland Park: Tax Rebate Program
The City of Champaign is offering a real estate tax rebate to the ORIGINAL BUYER (not resale buyers) of a NEW CONSTRUCTION home in the Ashland Park Subdivision. The real estate tax rebate will be 50% of the City taxes for the first year, 40% for the second, 30% for the third, 20% for the fourth, and 10% for the fifth year. In order to receive the rebate, property owners will need to meet the following guidelines:
– 1. Must be the original owner of the home
– 2. Must pay taxes by stated deadlines
– 3. Must be at or below 100% of the MFI guidelines or less (see chart)
The real estate tax rebate is for the City’s portion of the real estate taxes only and will begin the first year after the property is assessed with improvements.
Mr and Mrs Smith buy a $129,000 home in Ashland Park Subdivision in October 2005. The real estate tax bill they receive in 2006 will be for an unimproved property as taxes are paid for the prior year. The tax bill received in Spring 2007 will be the first tax bill assessed with improvements. The bill will be due in June and September. Rebate checks will issued prior to December 31 of each tax year. The following rebates will be issued to the Smith family as long as they continue to live in the home:
12/2007: $282 (50% of City’s portion)
12/2008: $225.60 (40% of City’s portion)
12/2009: $169.20 (30% of City’s portion)
12/2010: $112.80 (20% of City’s portion)
12/2011: $56.40 (10% of City’s portion)
Note: The rebate will be based on the actual tax bill paid in each real estate tax year. Above are estimates only.
For further questions or additional information about this program, please contact:
Neighborhood Services Department
102 N Neil St
Champaign, IL 61820