Video: Tupelo Offers Tax Breaks to Those who Rebuild Bigger and Better

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TUPELO, Miss. (WCBI) — Tupelo tornado victims whose homes or buildings were damaged or destroyed by the April 28th tornado could get a five-year tax break if they rebuild bigger and better. For example, if a building was worth $100,000 before the tornado and the improvements are worth $200,000, the owner would only pay taxes on the initial $100,000. The idea, along with overlay districts and building design standards, are part of the city’s efforts to keep businesses and improve neighborhoods following the tornado.

The city council is expected to approve the tax breaks tonight.