Neighborhood Revitalization Program

NEIGHBORDHOOD REVITALIZATION PROGRAM (NRP)

The Neighborhood Revitalization Program (NRP) provides property tax rebates for qualifying property improvements. While the City supports participation in this program, applications are administered through the County.

To participate in the NRP:

• Applicants must obtain the NRP application from the Bourbon County website

• Completed applications and required documentation must be submitted directly to the Bourbon County Appraiser’s Office

• All eligibility determinations, approvals, and tax rebate processing are handled by the County

Property owners are encouraged to review program requirements carefully and contact the Bourbon County Appraiser’s Office with questions regarding application submittal, eligibility, or documentation.

City staff are available to provide general information about the program but do not collect or process NRP applications.

• Residential Rebates

  Residential properties are eligible for a 100%, five (5) year rebate on the portion of taxes generated as a result of the improvement if the improvements result in a minimum threshold of a 15% increase in appraised value. Five (5) percent of the rebate is to remain in the Neighborhood Revitalization Fund to cover administrative costs. 

• Commercial Rebates

  Commercial properties are eligible for a 100% ten (10) year rebate on the portion of taxes generated as a result of the improvement if the improvements result in the minimum threshold of a 15% increase in appraised value. Five percent (5%) of the rebate is to remain in the Neighborhood Revitalization Fund to cover administrative costs. 

• Historic Rebates

  Renovation of any property within a Historic District on the National Historical Register will be eligible for a 100%, fifteen (15) year rebate on the portion of taxes generated as a result of the improvement if the improvements result in the minimum threshold of a 15% increase in appraised value. Five percent (5%) of the rebate is to remain in the Neighborhood Revitalization Fund to cover administrative costs.