A proposal to use Chapter 100 Bonds to assist in the funding of housing construction was discussed at the Chillicothe City Council Meeting. Chapter 100 bonds in this case would abate the property taxes that would be collected on new rental properties – duplexes and tri-plexes – on the property of the old Baptist Home.
The proposal is for a 10-year abatement beginning in 2026. City Attorney Robert Cowherd says this is a fixed-period abatement.
Encourages them to build sooner.
The taxing entities are not currently collecting taxes on the property, as it has not been on the tax rolls. That means they will not lose any current tax money; they just would not receive any funds from the properties in that 10-year period. The only exception is the ambulance district. They are exempt from the abatement by state law.
A public hearing on the Chapter 100 bonds is scheduled for the December 8th City Council meeting.
