Economic Development
 

The Corsicana Downtown Revitalization District

The city's Comprehensive Master Plan emphasizes protecting and preserving Corsicana's downtown district as an integral part of our community's heritage. The City Council and the Navarro County County Commissioner's Court have approved coinciding statutes that create the Corsicana Downtown Revitalization District (District). Certain tax incentives are available in the District for the purpose of encouraging reinvestment in real property.

These tax incentives include the following:

  • Reinvestment tax credit equal to the amount of investment for construction, reconstruction, alteration, or repair completed within a calendar year. The maximum tax abatement for a project shall not exceed the annual tax liability of the real property.
  • A five (5) year tax abatement ("tax freeze") on any increases in City and County ad valorem property taxes as a result of construction, reconstruction, alteration, or repair that may result in an increase in the assessed value for ad valorem tax for the real property for City of Corsicana and for Navarro County.

Below are the guidelines for the District incentives, including the applications for Reinvestment Tax Credit and the 5-Year Property Tax Freeze (Certificate of Appropriateness). Also provided below are the City Ordinance, and coinciding Navarro County Commissioner's Court Order providing for these tax incentives for real properties located within this District.

Tax incentives for certain historic resources, specifically residential and non-residential property, are provided by City of Corsicana Ordinance No. 2325 (November 19, 2002) for Heritage Preservation . These historic resources shall be eligible for an Historical Appraised Tax Value Exemption of twenty-five percent (25%) of the appraised value of the property not to exceed twenty-five thousand dollars ($25,000.00), based on meeting all of the criteria as defined in City Ordinance No. 2325.

 

The Comprehensive Master Plan for Corsicana was adopted by the City Council on June 19, 2007. The Plan is a long range planning tool that recommends strategies to implement the vision contained in the document. Listed below are the components of the Plan that pertain specifically to the Downtown District which articulate the goals and objectives for this critically important district in our City. The Plan may be viewed in various parts or in its entirety and is found on the Comprehensive Master Plan page.