The Neighborhood Revitalization Area Plan was approved by City Council in 2004.
The Neighborhood Revitalization Plan is based upon a state law that allows municipalities to develop a property tax rebate program to encourage rehabilitation and development in aging and deteriorating areas. The rebate reimburses all or a portion of the increased property tax incurred by an improvement made to a property.
The Neighborhood Revitalization Plan for Olathe is open to both commercial and residential property within the Original Town area. Eligible improvements must result in an increase in the assessed value of 5% for residential and 10% for commercial properties. The proposed rebates are 90% of the tax increment for residential property and 80% of the tax increment for commercial property.