(a) There shall be an 80% reduction of the property tax liability during the first year newly constructed rental housing accommodations become available for rental. Tax for succeeding years shall be increased by increments of 16% of the full tax liability, until the time the full liability absent this provision, is reached.
(b) When vacant rental accommodations which have been rehabilitated become available for rental, the provisions of subsection (a) of this section shall apply to the amount by which the tax assessment was increased due to rehabilitation.
(c) When vacant rental accommodations are being rehabilitated under this subchapter, the Mayor may defer or forgive any indebtedness owed the District or defer or forgive outstanding tax liens.
(d) A project eligible for tax abatement or deferral or forgiveness of any indebtedness to the District or deferral or forgiveness of tax liens under subsections (a), (b), and (c) of this section shall be subject to certification by the Mayor that it is in the best interest of the District and is consistent with the District’s rental property needs in terms of its location, type, and variety of sizes or rental units.
1981 Ed., § 45-2582.
Effect of Amendments
D.C. Law 14-114 added subsec. (f).
Establishment of real property tax rates, see § 47-812.
Expiration of Law
See Historical and Statutory Notes following § 42-3508.01.