Property Tax Relief for Longtime Residents Impacted by Gentrification
Lexington, Kentucky is considering a program "that would help pay portions of property tax bills for poor, longtime homeowners in neighborhoods attracting investment and redevelopment," reports Beth Musgrave.
"Under the proposed program, longtime homeowners with little income who face a hefty increase in their property tax bill because of gentrification could get financial help from the city," adds Musgrave.
The idea for the program arose after investment on the city's east and north sides led to rising property values and higher taxes. The City Council is expected to vote on the program in early 2018.