Developers Respond To City Council’s Real Estate Tax Abatement Reform

RichmondBizsense.com has an article this morning on City Council’s actions in regard to reforming the City’s real estate tax abatement program.

From the article:

After nearly 10 months of fine tuning, Richmond City Council last month approved an updated real estate tax abatement ordinance, closing what it said were loopholes in the popular rehabilitation incentive program.

Developers who qualify for the program pay taxes on a property based on its value prior to any redevelopment or improvements for either five or seven years, depending on the building’s use. In some cases, this system can save a developer millions and encourages the revitalization of buildings that are 20 or more years old.

Most of the article consists of responses to the changes from developers, and does not include any quotes from citizens who raised concerns about abuse.

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