Alpena Village is a mission of Lutheran Homes of Michigan & Presbyterian Villages of Michigan
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In August of 2007, the City of Alpena designated Alpena Village as a Neighborhood Enterprise Zone (NEZ). This designation allows residents who declare their Condominium home at Alpena Village as their principal residence to receive a 50% savings of the Average Statewide Tax Rate on their annual property tax for a period of 12 years, beginning January 1 of the calender year following the date in which the original owner moves in. For example if an owner moves into their new Alpena Village condominium in August of 2009, the NEZ tax savings begins January 1, 2010 and will be in effect for the next 12 years for residents following the Michigan Department of Treasury criteria.
Tax Savings Example
Assumptions:
1. Value of New Home of $200,000, taxable value of $100,000 2. Home is lived in by the owner and they declare it as the principal residence. 3. One half (50%) of the 2007 Average Statewide Tax Rate is 15.19 mils. 4. The 2007 millage rate charged for non-NEZ properties as a principal residence in the City of Alpena as 38.6737 5. All values are rounded down to the next whole dollar value
Tax on New Home without NEZ certificate
$100,000 x 0.0386737 (38.6737 mills)
$3,868
Tax on New Home with NEZ certificate
$100,000 x 0.01519 (15.19 mills)
$1,519
One Year Tax Savings
$2,349
12 Year Tax Savings
This number will increase with any increase in the taxable value.
$28,188
For more explanation, please contact Alpena City Assessor at 989-354-4252 or email at jeffs@alpena.mi.us
This tax abatement is just one of the many benefits of living at Alpena Village!
