Woodbury County offers a variety of competitive advantages to businesses that start, expand or relocate here. The Rural Economic Development Department will help customize solutions specific to your needs based on available resources and what you qualify for. To learn more about the benefits of doing business in rural Woodbury County, call (712) 279-6609.
Tax Increment Financing (TIF) is an economic development finance tool used by Woodbury County and its municipalities to promote public and private investment within a given zone or part of the county and is subject to approval by local elected officials. When an area is declared a TIF district, the amount of property tax that the area generates is set as a “base valuation” amount. As property values increase, all property tax growth above that amount can be used to fund redevelopment projects within the district. The increase, or increment, can be used to pay back bonds issued to pay upfront costs, or can be used on a pay-as-you-go basis for infrastructure needed for a project, such as utilities or roads.
Property Tax Rebate is another option for businesses located within a TIF district. Rather than receiving assistance upfront, business property owners may opt to receive rebates on their property taxes for a specific period of time.
Tax Abatement is a way in which Woodbury County or its municipalities may give property owners an incentive to improve property by providing an exemption from property taxes for all or a portion of the increase in property valuation which occurs from new construction or improvements to existing buildings. Many Woodbury County communities offer tax abatement for commercial or residential development additions.
Fast-Track Permitting Woodbury County offers expedited permitting to all development projects significantly reducing start-up time and costs.