SPRINGFIELD – Peoria residents and landlords will have a new tax incentive available to upgrade their properties, thanks to a new law passed by State Senator Dave Koehler.

“Every resident should feel a sense of pride in their home and community,” said Koehler (D-Peoria). “This is a revitalization effort our community has wanted for a long time. We need to take the first step in building a better future for the greater Peoria area.”

Previously, only newly built single family homes and duplexes qualified for a tax break. Koehler’s new law extends this tax break to remodeled homes and duplexes in areas of urban decay, giving landlords and homeowners an incentive to upgrade their properties and revitalize neighborhoods.

“I love our community, and I want residents to have every opportunity to feel the same way,” said Koehler. “This law will begin the groundwork of improving neighborhoods for residents and the next generation of Peorians.”

Senate Bill 2936 was signed into law August 9 and takes effect immediately.