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New Property Tax Proposed to Fund Final Atlanta Beltline Construction
"The Atlanta Beltline is asking for a slight tax increase on businesses and apartment complexes around the multiuse path to help finance the final years of the Beltline’s construction," reports J.D. Capelouto.
Atlanta City Councilmember Dustin Hillis introduced three ordinances that would create a "Special Service District" around the Beltline that would implement a property tax on multi-family and commercial properties along the Beltline, according to Capelouto. The special taxing district would be expected to generate in $100 million in tax revenue over the next ten years.
"Under the proposal, commercial and multifamily property owners would see an uptick in their annual property taxes — a property appraised at $1 million would pay an additional $800 per year, for example. Owner-occupied homes, condos or townhomes would not be subject to the tax increase," reports Capelouto.
The money would go toward bond financing for construction on final pieces of the complete 22-mile loop. "The agency estimates it would also be able to spend an additional $50 million on affordable housing, create 20,000 additional jobs, put $7 million toward support for small businesses and allocate up to $150 million of construction funding to minority-owned contractors," reports Capelouto.
An existing Tax Allocation District for the Beltline is falling short of projections for revenue generation, according to the article. Hence the need for a new tax district.