The City of New Salem is very excited to announce the approval of it's Renaissance Zone!! This offers many opportunity's to New Salem residents that reside or own/operate a business in the designated blocks.
The Renaissance Zone Program is a tool for community redevelopment and economics investment that incorporates tax incentives to business and residential properties. The Renaissance Act, created by the 56the Legislative Assembly, made possible for North Dakota cities to create Renaissance Zones within their jurisdiction.
Types of Renaissance Zone projects
- Up to 100 percent exemption on business taxes
- Up to five years on property taxes on both commercial and residential properties
- Up to $10,000 tax credit per year for five years on qualified single family homes (max $50,000)
- 25 percent tax credit available for historic property on the amount invested (max $250,000)
- Transferable credits and exemptions upon selling or leasing a single family home and/or business.
NS Renaissance Zone application
New Salem Project Guidlines
New Salem Ren Zone Procedures
New Salem Ren Zone Credits and Exemptions
New Salem Minimum requirements for a Ren Zone Project
The Renaissance zone committee meets on the first Monday of each month to review any applications and to review the progress of current projects. Please call 843-7828 with any questions on the Renaissance Zone or to submit an application.