Bill > B26-0225

This bill amends the District of Columbia's property tax code to create a new tax exemption for specific developments on land owned by the Washington Metropolitan Area Transit Authority (WMATA). The exemption applies to qualifying developments that meet several criteria: they must be part of a Joint Development Agreement with WMATA, be located in the District, have at least 50% of improvements dedicated to multifamily residential buildings, and consist of at least 75% newly constructed or substantially rehabilitated buildings. The tax exemption will last for 20 consecutive property tax years, beginning when a certificate of occupancy is issued, and only applies to developments constructed after January 1, 2026. Importantly, this exemption is additional to any other existing tax relief or economic incentives, and does not prevent WMATA or its development partners from contesting property tax assessments. The bill aims to encourage transit-oriented development by providing a significant financial incentive for new residential construction on WMATA-owned properties, with a focus on creating substantial new housing in the District of Columbia.

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https://lims.dccouncil.gov/Legislation/B26-0225