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Scottsdale Arizona online Form 3921: What You Should Know

The City of Scottsdale, the City of Phoenix, is offering tax abatement for certain real property sales to certain new homebuyers in Scottsdale, Arizona and West Phoenix, Arizona (this is  the “Termination Tax Break Program”). The City of Scottsdale, the City of Phoenix, is also offering tax abatement of up to 15% for  a.  Sales Tax Decrease Exemption on Certain Business Expenses to Re-enter into New Contracts with the Purchaser, as a Maintenance Exemption. Any contract to lease or purchase the property shall be an extension of a contract existing on the date of approval, without the obligation to acquire or improve property. b.  A one-year lease or purchase agreement shall provide for the purchase of a specific number of square feet of residential or retail property for a period of no less than one year and for an initial price of either of these amounts, whichever is greater, to a date 30 days after the initial transaction date. The lease or purchase agreement must include a written term for payment of all outstanding taxes and assessments in the current fiscal year. Such lease or purchase agreement also must include a statement of the property current assessed value. For the purpose of this Agreement, all references to the City of Scottsdale, the city of Phoenix\”, and the property are references to the city of Scottsdale`s City Council, and references to a new homebuyer are to the city of Phoenix's  current homebuyer.� Each new homebuyer or lease purchaser is a separate entity. The transaction between the contracting parties is subject to certain terms and conditions as set forth in the Agreement. Tax Increment Financing. When the city General Obligation Bond is repaid, the city General Obligation Bond must be paid off. The City will receive a payment for 750,000 or 75% of the amount repaid by the city, plus other funds set forth in the Agreement.

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