AS ELECTED officials eye ways to protect those who will see astronomical increases under the city's property-tax reform, many say it's time to reconsider tax abatements for new construction and exempt properties.
The total market value of properties citywide is $137 billion, but the total taxable value is $99.8 billion.
Exempt properties, which include churches, hospitals, universities and museums, make up the majority of nontaxable property value - $30.6 billion - and abated properties make up $6.8 billion, according to a City Council analysis of data related to the Actual Value Initiative.
"You can't say we're going to tax this $100 billion worth of property, but not tax this $37 billion worth of property. It's simply not fair," Councilman Wilson Goode Jr. said during a budget hearing Tuesday. Goode has proposed reducing the city's tax abatement for developers from 10 years to five. The plan would begin in 2014 with a full abatement the first year and an annual gradual decrease of 20 percent.