Sunday, September 11, 2022

Columbia Council plans to bring back redevelopment tax program

Owners who improve or construct commercial or industrial properties in Columbia have up to five years of financial assistance when paying taxes on the added value. For instance, someone who renovates a $200,000 property and adds $100,000 in improvements, would pay taxes on the $200,000 original value for three years. In years four and five, this owner also would pay 50% of the taxes on the $100,000 investment. By the sixth year, he or she would pay taxes on the entire value.

Generous gesture: Borough solicitor Evan Gabel told council members that their three-year tax plan is one of the largest he's seen. "That's a very significant tax abatement," Gabel said.

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