Monday, November 30, 2009

District Could Lose Millions in Tax Revenues

The District's consumer affairs agency has fewer than 60 days to compile a list of every "blighted" building in D.C. so those properties can be taxed at a significantly higher rate -- a challenge that could deny city coffers millions of dollars if it is not met. . . .
Projected revenue gains, losses » Revenue gained from blight tax: $800,000 through 2013.
» Revenue lost by eliminating vacant tax: $48.9 million through 2013.
But a limited timeline and confusion over what constitutes "blight" could mean few properties are captured by the highest tax. The Department of Consumer and Regulatory Affairs must submit a list of all properties that meet the conditions to the Office of Tax and Revenue by mid-January, so that tax bills can go out on time.

"There's just no way they can have this ready for this tax season," said Cary Silverman, president of the Mount Vernon Square Neighborhood Association. "The whole thing will have to be on hold." 
In case you missed the article in by Michael Neibauer in Sunday's The Examiner, you can read it here.

No comments: