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View Diary: Cheney: how rich/famous get tax advantages (13 comments)

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  •  Fairfax County has this ... (2+ / 0-)
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    skrymir, Magnifico

    There are revitalization zones that, with certain conditions, allow people to not pay taxes on property improvements for a decade.

    There was a case that made some noise a few years ago where a developer renovated a building in the middle of Tyson's Corner (massive shopping, office area -- won't say community).  Their (West Group) roughly $40 million dollar renovation would have been profitable without this, but due to the tax abatement for being in a revitalization zone (a booming office construction environment), they got the added benefit of paying less taxes on the property year-in, year-out than the owner of the average single-family home in the county.

    While I understand reasons for revitalization zones and how tax benefits can help spur economic development where required, I don't agree with 100% tax avoidance and this part of Fairfax truly did not require such tax assistance programs.

    Here is the home page for these Fairfax County programs ...

    Energy Consensus: Learn - Connect - Share - Participate: For a new dialogue on Energy issues.

    by A Siegel on Wed Nov 29, 2006 at 12:54:18 PM PST

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    •  Tysons Corner = Revitalization Zone?! (1+ / 0-)
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      A Siegel

      That doesn't pass the laugh test, the smell test, or any other test one might conjure up.

      The Route 1 corridor, maybe. Anything else in the county, not so much, and especially not Tysons.

      Check out Answer Guy Online. Thoughts from a bottomless pool of useless information.

      by Answer Guy on Wed Nov 29, 2006 at 02:37:23 PM PST

      [ Parent ]

      •  That was why it created a storm ... (0+ / 0-)

        back in, I think, about 2000 when the story broke.  Led to some changes in the economic revitalization program that made it (slightly) less egregious.

        Energy Consensus: Learn - Connect - Share - Participate: For a new dialogue on Energy issues.

        by A Siegel on Wed Nov 29, 2006 at 02:57:28 PM PST

        [ Parent ]

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