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Council caucus backs first reading of five-year property tax moratorium for qualifying repairs
Summary
Council members discussed a Small Business Task Force ordinance that would let property owners freeze the city portion of property-tax assessments at pre-improvement value for up to five years for qualifying rehabilitation or redevelopment projects, with thresholds and time limits.
Rebecca Recker, a member of the Small Business Task Force, outlined an ordinance that would offer a property tax assessment moratorium to incentivize rehabilitation, repair and redevelopment of existing properties.
"This offers a property tax assessment moratorium to incentivize rehabilitation repair, redevelopment of existing properties," Recker said, adding the program would cover both residential and commercial properties and would allow owners to freeze the city portion of their property…
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