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On September 27, 2016, Boston Mayor Marty Walsh changed the name of the development agency from the Boston Redevelopment Authority (BRA) to the Boston Planning and Development Agency (BPDA). This change was part of a broader goal to make city government more transparent and to put a friendlier face to a bureaucratic agency that rules upon major ...
For many municipalities in the United States, property taxes are the primary source of revenue. The amount of forgone tax revenue as a result of these tax-exempt land parcels is significant. The president of the city council of Baltimore, MD, recently estimated that his city loses $120 million annually from these foregone taxes. [16]
The 421-a tax exemption is a property tax exemption in the U.S. state of New York that is given to real-estate developers for building new multifamily residential housing buildings in New York City. As currently written, the program also focuses on promoting affordable housing in the most densely populated areas of New York City.
[4] [5] Under this program, local jurisdictions acquired property by eminent domain and provided it to developers to develop housing for low- and middle-income tenants. Developers received tax abatements as long as they remained in the program, and low-interest mortgages, subsidized by the federal, state, or New York City government. They were ...
The financing/funding of such operations might come from government grants, borrowing from federal or state governments and selling bonds and from tax increment financing. Other terms sometimes used to describe redevelopment include urban renewal (urban revitalization). While efforts described as urban revitalization often involve redevelopment ...
The report comes two years after the DOJ announced it had found “significant justification” to investigate whether city police used excessive force or discriminate based on race and gender.
Proposition 2½ (Mass. Gen. L. c. 59, § 21C) is a Massachusetts statute that limits property tax assessments and, secondarily, automobile excise tax levies by Massachusetts municipalities. The name of the initiative refers to the 2.5% ceiling on total property taxes annually as well as the 2.5% limit on property tax increases.
A tax increment reinvestment zone (TIRZ) is a political subdivision of a municipality or county in the state of Texas created to implement tax increment financing.They may be initiated by the city or county or by petition of owners whose total holdings in the zone consist of a majority of the appraised property value.