Tax Break Offered for Transit Oriented Development in Maryland's Montgomery County
"Housing developers will get an incentive from Montgomery County to develop high-rise buildings on Metro station properties — a break on property taxes for 15 years," reports Briana Adhikusuma. Any residential high-rises would be the first of their kind on Metro properties in the county, according to the article.
"The bill requires that development on Metro station properties be at least 50% rental housing. For eligible properties, 100% of the property tax would be exempted — a payment in lieu of taxes would be made for a period of 15 years," adds Adhikusuma for more details on the new tax break.
County officials have estimated that at least 8,600 housing units could be added to Metro station properties in the county. The Metro Red Line currently offers rail transit service in the county, though the forthcoming, long-delayed Purple Line light rail has entered a new phase of uncertainty as contractors are threatening to walk off the job and leave the project in limbo.
A lot more details about the political debate that preceded the new tax break's adoption are included in the article.