Rockford may extend a property tax refund for distressed homes.
The Homebuyers Property Tax Refund Program was created in April. It returns funds to owners who bought foreclosed properties or "short sale" homes. These properties have mortgage amounts higher than their actual value.
The Register-Star reports 36 homeowners currently qualify for the program, and Ward 3 Alderman Tom McNamara (D) plans to ask the city council for a one-year extension. Officials hope the tax refunds, averaging around $3,800 per homeowner, will finance repairs and boost property values. This would in turn increase later tax revenue.