Cherokee adopted an Urban Revitalization Plan in 2002. This program provides valuable property tax incentives for people to revitalize their property. This is different than Urban Renewal Plans and Tax Increment Financing. Exemption or abatement under Urban Revitalization Plans is not compatible with Tax Increment Financing absent careful coordination by the Council.

The program was amended in January 2017 to specifically encourage private investment in multi-family housing. In addition, the property tax break for single family residences was also enriched.

The program was again amended in 2021.  This latest amendment adds an exemption schedule for properties assessed as residential with three or more dwelling units on or after January 1, 2022, establishes a blighted subarea of the Area and adds an available exemption schedule for residential properties in the blighted subarea, and extends the duration of eligibility under the Plan.