Council offers tax exemptions to developers
by Associated Press
Published: January 3,2012
HATTIESBURG — The Hattiesburg City Council has given prospective developers another incentive to invest in dilapidated downtown properties.
During its final meeting of the year, the council changed guidelines for tax exemptions in Hattiesburg’s Historic Preservation and Central Business districts, The Hattiesburg American reported.
Developers can now get a tax exemption for the entire increase in property value when an owner makes more than $2.5 million worth of improvements or renovations to commercial structures, according to values decided by the Forrest County tax assessor.
Exemptions previously were limited to half the value of the improvements or half the actual increase in value — whichever was less.
“We’re not losing any tax revenue; we’ve set the bar pretty high,” said Councilman Dave Ware, who proposed the changes. But, he said, it might promote projects that otherwise would go undone.
Councilwoman Deborah Denard Delgado said extending the resolution into her district could be the bait she needs to get developers to redevelop rundown areas.
“We are right on the edge of downtown Hattiesburg,” Delgado said. “Any development out in East Hattiesburg would only enhance the downtown area.”
To sign up for Mississippi Business Daily Updates, click here.
Top Posts & Pages
- JACKSON JILTED —Southwest Airlines pulling up stakes and leaving Mississippi
- Eye clinic operator faces Medicaid fraud charges
- Mega-load move could cause traffic issues
- NEW ORLEANS SAINTS MOVING — Mississippi company has the task of moving the football team
- New boutique hotel to replace Oxford’s Downtown Inn
- New owners plan cautious change for Highland Village
- M&F branches to close as Renasant wraps up merger
- Gaming Commission gives nod to Coast city's first casino
- Coast city to repay BP grant funding for Ocean Expo
- Hood issues opinion on open-carry gun law