FARMERS BRANCH ~ New "Demo/Rebuild" rules give homebuyers even more incentive to replace older homes with newer ones.
The availability of quality housing stock in the City of Farmers Branch encourages the retention of businesses, attracts new businesses, and promotes expansion of existing businesses to and within the City. In turn, quality housing stock will stimulate growth, create jobs, and increase property and sales tax revenues.
In an effort to accomplish this, the City Council enacted a Residential Demolition/Rebuild Program pursuant to Chapter 380 of the Texas Local Government Code to encourage the redevelopment of existing single-family detached residential properties with the construction of new, higher value, single-family detached residential structures.
The Council recently enhanced this program by establishing two incentive options: One, to provide up to $5,000 for the cost of demolition and a seven (7) years municipal tax rebate, and two, to provide a municipal tax rebate up to 10 years with the option of advancing 50% of the estimated municipal tax increase upon receipt of permanent financing.