07 June 2008
Good Government Policy from The Last Place You Would Expect
Specifically, the Washington, D.C. City Council, which has voted to double the property tax on vacant properties, to $10/$100 evaluation (that's right 10%, it had been 5%, as compared to $1.85/$100 for commercial properties, and $0.85/$100 for residential properties).
Additionally, the Council has made it more difficult to get an exemption, cutting back on the numbers of exemptions granted, though there is still a 3 month exemption for a property for lease, a 1 year exemption for residential property for sale, and a 2 year exemption for commercial property for sale.
In many inner cities, vacant properties blight the landscape, and this is a very good way of dealing with it.
Additionally, the Council has made it more difficult to get an exemption, cutting back on the numbers of exemptions granted, though there is still a 3 month exemption for a property for lease, a 1 year exemption for residential property for sale, and a 2 year exemption for commercial property for sale.
In many inner cities, vacant properties blight the landscape, and this is a very good way of dealing with it.
Labels:
Budget
,
Real Estate
,
regulation
,
Taxes
0 comments :
Post a Comment