Kanawha examines tax abatement plan

            The Kanawha city council held a public hearing to discuss the Urban Revitalization Plan during their regular meeting on Tuesday, May 9.

            Several members of the community attended the meeting to learn about the proposed Urban Revitalization Plan, which offers a tax incentive for the development and improvement of property in the city.

            If approved, the plan would create a policy of tax abatements for improvements to property that increases its value by more than 10 percent.

            For residential properties, improvements that increase the value of a property more than 10 percent, up to $75,000, can be abated for up to five years.

            For example, a $50,000 home that puts on a $10,000 addition would be taxed as though it were $50,000 instead of $60,000.

A new house valued at $100,000 would be taxed as though it were valued at $25,000 during the abatement period.

            For commercial property, the plan would offer two options, allowing 100 percent of the valuation for new buildings or improvements to be abated for three years or gradually stretched out over ten years in a sliding scale.

Read the complete story in the May 17 Leader.