New Construction Tax Incentives Program

City-Wide Incentive


The New Housing Construction Property Tax Rebate Program is a financial incentive from the City of Rock Island and Rock Island-Milan School District #41 to buyers of newly constructed single-family homes or condominiums. This is a rebate program with funds paid to the homeowner after property taxes are paid.

Qualifications


To qualify, you must be the first buyer of the home (not transferable), and your home must be:
  • An owner-occupied, single-family home or condominium
  • Issued a Certificate of Occupancy between July 1, 2013 - June 30, 2019
  • New construction located in the City of Rock Island on any undeveloped lot

Program Specifics


  • $2,000 maximum rebate against Rock Island’s share of property taxes for ten (10) years.
  • Maximum of $10,000 from City of Rock Island over the life of the rebate.
  • 40% of the Rock Island / Milan School District taxes for three (3) years.
  • Three-year (36-month) maximum time period
Old Town Chicago & Downtown Tax Increment Finance District Incentive Program
Additionally, the City and Rock Island-Milan School District #41 offer a special Property Tax Incentive Program for new homes in two specific neighborhoods. The City’s rebate is for 10 years, with 100% rebated in the first year, 90% the second year, 80% the third year, etc. The maximum City rebate is $1,500 per year. The school district's offer, also for 10 years, is 40% the first year, 36% the second, etc.

Qualifications


To qualify, you must be the first buyer of the home (not transferable), and your home must be: