Big tax cuts for not-so affordable housing draw scrutiny in Houston and the Texas Legislature
And the clock is ticking. While commercial property owners wait to see whether the deals – which would exempt them from roughly $1 million in yearly property taxes apiece – go through, the Texas Legislature is fiercely debating changes to the state law that makes them possible. Proposed bills could change how the tax break deals are regulated – or banish them entirely.
A 100-percent tax break for apartment complexes worth tens of millions is an unusually large concession, and the exemptions last for up to 99 years. Low income housing tax credits, by contrast, are far less lucrative and can command steep competition.
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