District of Columbia § 6-1503 Tax and other development incentives for real property in economic development zones.

District of Columbia Statutes

§ 6-1503 — Tax and other development incentives for real property in economic development zones.

District of Columbia·Title 6 Housing and Building Restrictions and Regulations.·Ch. 15 Economic Development Zone Incentives.

(a)Any improved real property located within an economic development zone shall be qualified for tax and other development incentives if:

(1)The qualification is recommended by the Mayor and approved by the Council, by resolution;

(2)The real property is classified as Class 3 or Class 4 real property under § 47-813 ;

(3)The real property is used in conformity with the zoning regulations; and

(A)Rehabilitation of the real property begins after October 20, 1988, and the actual costs of the rehabilitation of the property exceed 50% of the value of the property, as assessed by the Department of Finance and Revenue for the tax year ending immediately prior to commencement of the rehabilitation; or

(B)Construction on the real property begins after October 20, 1988.

(b)

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(a) Any improved real property located within an economic development zone shall be qualified for tax and other development incentives if:

(1) The qualification is recommended by the Mayor and approved by the Council, by resolution;

(2) The real property is classified as Class 3 or Class 4 real property under § 47-813 ;

(3) The real property is used in conformity with the zoning regulations; and

(A) Rehabilitation of the real property begins after October 20, 1988, and the actual costs of the rehabilitation of the property exceed 50% of the value of the property, as assessed by the Department of Finance and Revenue for the tax year ending immediately prior to commencement of the rehabilitation; or

(B) Construction on the real property begins after October 20, 1988.

(b) The resolution approving the qualification for tax and other development incentives pursuant to subsection (a)(1) of this section shall:

(1) Identify the qualified real property by lot and square;

(2) Identify the owner or owners of the qualified real property;

(3) Identify each tax or charge to be reduced, deferred, or forgiven;

(4) State the applicable tax year or tax period for each tax or charge to be reduced, deferred, or forgiven; and

(5) State the dollar amount of each tax or charge reduction, deferral, or forgiveness.

(c) The following tax and other development incentives shall be available to the owner of qualified real property:

(1) A reduction in real property taxes as provided in § 47-815(f) ;

(2) Deferral or forgiveness of any real property tax owed as provided in § 47-846.01 ;

(3) Deferral or forgiveness of any special assessment owed as provided in § 47-1202.01 ;

(4) Deferral or forgiveness of any cost or fee assessed to correct any condition that exists on real property in violation of law as provided in § 42-3131.01(e) ; and

(5) Deferral or forgiveness of any water or sanitary sewer charges due as provided in §§ 34-2407.02 and 34-2110 .

District of Columbia § 6-1503 (Tax and other development incentives for real property in economic development zones.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.