Proposal offers property tax relief in gentrifying areas
LEXINGTON, Ky. (AP) – A Kentucky city is exploring a program to assist longtime homeowners in gentrifying neighborhoods with property tax bills.
The Lexington Herald-Leader reports a Lexington council committee heard details Tuesday about the proposal, which would cover the increase in property tax for homeowners of at least five to 10 years with income at or below 80 percent of the area median income.
Eligible applicants would have to have property tax increases of more than 12 percent and would reapply each year. The city’s payments would be loans to be repaid when the properties are sold.
A group including city officials and Fayette County Property Valuation Administrator David O’Neill has worked for six months, modeling the proposal on a Philadelphia program. A final draft is expected to be ready early next year.
Information from: Lexington Herald-Leader, http://www.kentucky.com
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