Part of the Oklahoma Local Development Act, 62 O. S. 860, a provision to encourage restoration of buildings historic neighborhood commercial districts, by allowing local governments to exempt taxation on the incremental property value (emphasis added):
D. A project plan may contain a provision that ad valorem taxes may be exempted in a commercial historic preservation area that is adjacent to and serves designated historical residential areas for neighborhood commercial preservation purposes in order for the neighborhood to retain its basic character and scale. No ad valorem tax exemption may be granted on the value of property which has been assessed or which is subject to assessment prior to the adoption of the project plan. No ad valorem tax exemption shall be granted pursuant to the provisions of this subsection for single-family residences. The governing body may grant the exemption only on the increase in value of the property. The exemptions may be granted for a specific period of time as determined by a written agreement between the property owners of the area and the governing body and may be renewed. Uses of the property eligible for this exemption may include but not be limited to commercial, office or multifamily residential use.
Is this actually in use anywhere in the state? Maybe only in Oklahoma City?
Found via the 2007 Oklahoma Business Incentives Tax Information Guide -- 60 pages worth of brief descriptions of tax exemptions, credits, and other incentives that Oklahoma offers to companies doing business in the state.
Comments (4)
I am sure the city's new developers working in neighborhoods department and mysterious liaisons will get right on promoting that with the EDC, DTU, HBA, and the TMC right by their side to help lead the charge.**sarcasm off** Great Program, it should dovetail nicely with our urban and rural Main Street programs, if we can just get the word out. I doubt the Whirled will even cover this, much less promote it.
Posted by The A team | August 26, 2007 1:21 AM
Posted on August 26, 2007 01:21
To the contrary; Tulsa destroys neighborhoods in the name of "Urban Renewal".
Whole neighborhoods are ordered to evacuate and accept whatever they are granted through the city(or through courts and arbitration), but their family history no longer has the home they grew up in.
We think that "Cleo Richardson's" home is urban blight, But If his son becomes the next president, It would have been a historic landmark.
Well, Cleo's family heritage is just as significant to his kin as Abraham Lincoln's family heritage ever was to the Lincolns.
So my point is; I think the provision you found is just another "pork barrel" for graft and political paybacks.
Historic designations are very subjective and lack basic fairness.
Perhaps I'm straying from your topic a bit, but I'm very suspicious of the influence commercial developers bring to bear on city government. (Councilor Medlock can certainly ellaborate on the latter point).
Posted by David Van Risseghem | August 26, 2007 12:58 PM
Posted on August 26, 2007 12:58
this explains now why Avis is restoring that old gas station downtown instead of leveling the joint and putting ina bigger building (or not locating there at at all)
remember, companies these days NEVER do anything out of the graciousness of their heart...there always has to be something in it for them.
Posted by JW | August 27, 2007 7:22 AM
Posted on August 27, 2007 07:22
the truth is, in TUlsa, if you are not in one of the favored social groups, if developement in your neighborhood cannot do liekwise, or if you have no connection to the traditional power structure, you will be abandoned. look at north and west Tulsa through history, and soon to be east TUlsa.
I am resigned to the fact that my 25 year investment in the east side will be neutered and ultimately forgotten in order to staisfy the elite's desire for getting their way on their toys and edifices. this is not the benvolence of the turn of the century folks.
the jokes on them though. they'll have to spend a lot of their money personal fortunes on iron fences for them and their offspring to keep the rabble out.
Posted by sbtulsa | August 27, 2007 11:31 AM
Posted on August 27, 2007 11:31