Tax Incentives
The City of Monroe offers a variety of development incentives to encourage rehabilitation, expansion and retention for qualified developers and business owners. A complete description of each incentive is available by clicking the link below.
BROWNFIELD REDEVELOPMENT AUTHORITY - an incentive tool that assists in the investment and rehabilitation of brownfield and economically challenged sites.
COMMERCIAL REHABILITATION DISTRICT - freezes the taxable value of a building for a defined period and exempts certain new investment from local taxes.
FEDERAL REHABILITATION TAX CREDIT - federal income tax credits available for the rehabilitation of historic, income-producing properties.
FEDERAL OPPORTUNITY ZONES - Opportunity Zones are a newer incentive created to spur development in lower income areas of communities across the nation when the 2017 Tax Cuts and Jobs Act was enacted . The City of Monroe has two federally designated Opportunity Zones. Click here to view a map of the City's designated Opportunity Zones.
HISTORIC PRESERVATION TAX CREDITS - New State Historic Tax Credit program to support place-based projects while promoting the preservation of Michigan’s historic resources. Will be available for both commercial properties and individual homeowner residences. The state historic preservation tax credit application can be found here.
INDUSTRIAL FACILITIES TAX EXEMPTION - Industrial Facilities Tax Exemption is a property tax abatement program for industrial developments, expansions, and rehabilitation efforts.
OBSOLETE PROPERTY REHABILITATION - incentive tool used to encourage the redevelopment of a blighted, contaminated or functionally obsolete building.
MICHIGAN BROWNFIELD REDEVELOPMENT PROGRAM - In addition to the local resources available for brownfield assessment and remediation through the City's Brownfield Redevelopment Authority and the Downriver Community Conference Brownfield Consortium, the State of Michigan offers grant and loan programs for brownfield redevelopment projects. For information about assessment and remediation funding from local and state resources, contact the Economic & Community Development Department to determine the best approach for your project!
NEIGHBORHOOD ENTERPRISE ZONE - provides a tax incentive for the development and rehabilitation of residential housing.