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Ordinance Will Increase Cope Of Tax Assessment Freezes For Eligible Properties

April 25th, 2013 by WCBC Radio

The Cumberland Mayor and City Council approved a first reading of an ordinance that will increase the scope of tax assessment freezes for eligible properties within the Canal Place Preservation District and other historic or heritage districts. One method the city has to encourage investing in property is to allow the freezing or locking-in of tax assessment values for a period of time for those who want to make improvements above and beyond the assessed value.  Jeff Rhodes, city administrator, said that it freezes the assessment at the pre-development value so they are not penalized by investing (additional money) into the building. This tax incentive has been done for years in regard to city real property assessments. The ordinance will extend the tax values used for the special tax levied by the Downtown Development Commission…





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