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Neighborhood Enterprise Zone
(N.E.Z.)
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In August of 2007, the City of Alpena designated Alpena Village as a Neighborhood Enterprise Zone (NEZ). This designation allows the Residents of who declare the 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 December 2008, the NEZ tax savings begins January 1, 2009 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 Facility of $200,000, taxable value of $100,000
2. Facility is 100% owner occupied and is their principal residence.
3. One half (50%) of the 2007 Average Statewide Tax Rate is 16.95 Mills.
4. The 2007 millage rate charged for non-NEZ properties as a homestead
in the City of Alpena as 38.9848
5. All values are rounded down to the next whole dollar value
Tax on New Facility
without NEZ certificate |
$100,000 x 0.0389848 (38.9848 mills)
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$3,898 |
Tax on New Facility
with NEZ certificate |
$100,000 x 0.01695 (16.95 mills)
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$1,695 |
| One Year Tax Savings |
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$2,203 |
| 12 Year Tax Savings |
This number will increase with any increase
in the taxable value. |
$26,436 |
For more explanation, please contact Alpena City Assessor at 989-354-4252 or email at jeffs@alpena.mi.usThis tax abatement is just one of the many benefits of living at Alpena Village! |
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