Bill > B26-0019

This bill provides a specific property tax exemption for Avanti Real Estate Services, Inc.'s property located at 3421 14th Street, N.W. (designated as Lot 123, Square 2836) in Washington, D.C. The exemption will last for 10 years, from October 1, 2024, to September 30, 2034, with the condition that the property is used to provide real estate and brokerage services focused on creating generational wealth through homeownership, employing District residents, and offering education and training for real estate industry careers. Any prior real estate taxes, interest, penalties, and fees assessed on the property will be forgiven. The Mayor is required to annually certify the property's eligibility for the tax exemption to the Office of Tax and Revenue, and if the property becomes ineligible at any point, the Mayor must notify the tax office and specify the date of ineligibility. The bill will take effect after mayoral approval, a 30-day congressional review period, and publication in the District of Columbia Register.

Business and Industry

https://lims.dccouncil.gov/Legislation/B26-0019