Wednesday, March 28, 2007

Tax Break - Is there Such an Animal

Be careful what you wish for - tax breaks in the core of downtown Everett. The Everett City Council voted to extend the downtown redevelopment toll for ten more years.

As Everett is bracing for explosive residential growth, bringing thousands of residents into the downtown core, this tax break makes buying a condo a more attractive proposition.

With a dozen of projects expecting to blossom, this tax break will spur residential development. Under the program owners of new condos can skip ten years of taxes on the value of eligible residentail buildings, paying taxes only on the land value. When the ten years are up, the full value of land and improvements will be assessed.

I recently sold a condo in a downtown revitalization project and the $50 a month tax fee made the payment more affordable for my buyer. And isn't that what we are all about, affordable housing. I think this is a great coo for the City of Everett and the local buyers.

Everett IS Growing UP.

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