What? The City of Tacoma is giving away property taxes?
How does that work?
The City of Tacoma is charging property taxes based on the land value only for up to 12 years on certain properties.
This gives builders and agents a unique opportunity to develop, market and sell these special properties in what might be considered by many, as challenging times.
Abatement as it is also called.
You know now that the City's process once approved can take 3-4 weeks to get to the Assessors office. So builders and listing agents be aware: You will want to be sure that your approval with the City and the date you plan on closing the sale to your buyers have been set in the proper order. The rules are changing every day and this is one more example of this fact.
The title company insuring this transaction is getting a crash course in all this as well and I certainly hope the upshot is that they will at least show it as a Note in title as this affects 2010 taxes for this property.
The City of Tacoma's wants to encourage the development of multifamily housing in Tacoma's seventeen Mixed-Use Centers. Click here for more information on this program http://www.cityoftacoma.org/Page.aspx?nid=456
The City of Tacoma is charging property taxes based on the land value only for up to 12 years on certain properties.
This gives builders and agents a unique opportunity to develop, market and sell these special properties in what might be considered by many, as challenging times.
Abatement as it is also called.
You know now that the City's process once approved can take 3-4 weeks to get to the Assessors office. So builders and listing agents be aware: You will want to be sure that your approval with the City and the date you plan on closing the sale to your buyers have been set in the proper order. The rules are changing every day and this is one more example of this fact.
The title company insuring this transaction is getting a crash course in all this as well and I certainly hope the upshot is that they will at least show it as a Note in title as this affects 2010 taxes for this property.
The City of Tacoma's wants to encourage the development of multifamily housing in Tacoma's seventeen Mixed-Use Centers. Click here for more information on this program http://www.cityoftacoma.org/Page.aspx?nid=456
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