Developing Philly: The State of Philadelphia's Tax Abatements in 2022
In 1972, the average home price in the United States was approximately $30,000. Fifty years later, that number broke $500,000, an increase that is, no doubt, aggravated by a 4.5 million-unit deficit in supply. State and local...more
In 2020, Fairfax County, Virginia, adopted an Economic Incentive Program (EIP) that, among other incentives, provides for a partial real estate tax abatement equal to the difference in value between the base value...more
The Office of the Deputy Mayor for Planning and Economic Development (DMPED) for the District of Columbia issued regulations effectuating the Housing in Downtown Tax Abatement (Abatement) on March 22, 2024. The regulations...more
Washington D.C.’s Office of the Deputy Mayor for Planning and Economic Development (DMPED) released its proposed rules establishing how the D.C. government will implement the Housing in Downtown Tax Abatement program. A...more
January 1 is the date when most third quarter tax bills are mailed in Massachusetts; therefore, under M.G.L. Chapter 59, the majority of abatement applications must be filed with local assessors’ offices on or before...more
While the recently concluded 2023 legislative session focused largely on other forms of taxation, the Connecticut General Assembly did pass several noteworthy acts regarding property taxation. Income and Expense Reports...more
Hartford Bankruptcy Threat Postponed - The immediate possibility of Connecticut’s capital city filing a bankruptcy petition has been mitigated as a result of the newly adopted Connecticut budget. ...more
Nevada enacted a Renewable Energy Tax Abatement program in 2009, which it operates under the Governor’s Office of Energy (“GOE”). For eligible renewable energy facilities, the program awards partial abatements for sales and...more
Earlier this month, the Governmental Accounting Standards Board (GASB) approved Statement No. 77, Tax Abatement Disclosures, which requires state and local governments to report on foregone revenue from tax abatement...more