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Metropolitan DC Local Politics
Reply to "Tony Williams takes DC Govt to task for failing downtown and budget mismanagement"
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[quote=Anonymous][quote=Anonymous]The DC Council responded. Pinto and Henderson introduced a bill to provide 35 YEAR! property tax abatement for any commercial office conversions downtown for other uses. That is the full IRS depreciation schedule for commercial real estate. They need to do something, but this seems wildly irresponsible. https://www.bizjournals.com/washington/news/2022/12/01/dc-office-vacancy-incentives.html[/quote] You need to encourage businesses to come to DC or for landlords to convert their vacant property into something useful. There are no signs that people are going to move out of DC or stop buying homes to move in to DC so there's no need to offer any incentives to residential property owners. In fact, more of the DC budget is going to have to come from sales taxes and residential property taxes.[/quote]
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