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City Working on Tax Abatement Plan
Posted: May 28, 2012 @ 6:28 am In Today's Local News
The city of Washington is looking at reinstating a tax abatement or an urban revitalization plan. City Administrator Brent Hinson says this plan will be for all property in the city – residential, commercial and industrial. This plan will be that last for ten years to allow for new construction or improvement of more than 10% of the assessed value of the property which will be a partial tax exemption based on a sliding scale for the first five years.
Hinson says what this plan will do is to provide a strong incentive to improve properties, build new and helps with the strategies for housing in the city. He says there will be public hearing on June 27th to share more about this plan. Hinson says to contact him at City Hall if someone wants to know more information.
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