Compelling Tax Incentives

The Village at Grand Traverse Commons is the only Renaissance Zone in Northwest Lower Michigan.

Renaissance Zones were created by the State of Michigan under Public Act 376 of 1996 in order to stimulate economic growth in certain communities.
Renaissance Zones are virtually free of all state and local property taxes and state income taxes for businesses located within their boundaries.
The Village of Grand Traverse Commons Renaissance Zone allows residents and businesses to live and operate virtually tax free of the state and local taxes listed below through 2017.

Village Property Tax Abatements

Local and School Real Estate Property Taxes: General property taxes on land and buildings are nearly 92% abated.
Local Personal Property Taxes: These general property taxes are nearly 96% abated for the business’ personal property that is located in the Renaissance Zone.
State of Michigan Business Tax: This tax liability on business activity attributable to the Renaissance Zone is abated.
State of Michigan Income Tax: Residents and businesses living/operating in the Renaissance Zone are exempt from this tax.

With all of these tax abatements, The Village has nearly become a Tax Free Zone!

Available Tax Incentives & Redevelopment Programs

Numerous State and Local financial incentives, as follows, are available for residential, commercial and light industrial projects and are currently available in The Village depending on the exact location and type of project: Brownfield Tax Increment Financing through the Grand Traverse County, Brownfield Redevelopment Authority (GTCBRA) and the State of Michigan, for reimbursement of certain redevelopment and rehabilitation expenses; State of Michigan Business Tax Credits, available through the State of Michigan, towards the eligible investment for projects within The Village.
Federal and State Historic Preservation Tax Credits are available for the Rehabilitation of most of the buildings within the Village.
Numerous other Tax Credits, Grants and Low Interest Loans are also available for projects in the Village including but not limited to:
Michigan Economic Growth Authority Job Creation Grants, Michigan Department of Environmental Quality
Redevelopment Grants and Loans, Michigan State Housing Authority Housing Credits, Grants and Loans, Industrial Facilities Tax Abatements, Local Economic Development Corporation Grants and Loans. Other tax abatement programs such as a Neighborhood Enterprise Zone or an Obsolete Property Rehabilitation District designation are available through the City or Township for properties within the Village that are located outside the Zone.