D.C. Mun. Regs. tit. 10, r. 10-B5904

Current through Register Vol. 71, No. 44, November 1, 2024

Rule 10-B5904 - TAX ABATEMENTS FOR ALL NEW HOUSING PROJECTS IN ELIGIBLE AREA # 1

5904.1

Subject to the requirements of section 5903 of this chapter, an abatement of the real property tax imposed pursuant to D.C. Official Code § 47-811 for an eligible property in Eligible Area # 1 shall be allowed in an amount computed as $ 0.81 per residential FAR square foot, multiplied by the building's total residential FAR square footage as certified by the project architect and DMED pursuant to section 5903.10 of this chapter; provided, that:

(a) If a project does not use concrete construction throughout the building or does not include underground parking, the per residential FAR square foot tax abatement shall be determined by DMED so that the total tax abatement is in an amount estimated to be equal to 45% of the difference between the residential real property tax imposed on the project pursuant to D.C. Official Code § 47-811 immediately before and immediately after development of such project;

(b) The tax abatement for an eligible real property allowed by this section shall expire at the end of the tenth (10th) year after the abatement was first reflected in a real property tax bill issued pursuant to section 5903.10 of this chapter; and

(c) If, during a tax year for which the tax abatement is authorized by this section, the property for which the abatement was granted contains fewer than ten (10) dwelling units, the abatement shall not be allowed, such disallowance to become effective during the first six (6) month period following the date on which such property first contained less than ten (10) dwelling units.

D.C. Mun. Regs. tit. 10, r. 10-B5904

Final Rulemaking published at 50 DCR 553 (January 17, 2003)