The D.C. Council passed a bill yesterday that would provide $7 million in funding to build underground parking for the Constitution Square project at 100 M Street, NE, and help Stonebridge Development attract a 50,000 square-foot grocery store.
So perhaps Harris Teeter really is coming to NoMa?
That little tidbit of news was at the very end of the article about tax changes affecting small businesses. The Council passed a bill that would raise the exemption to the personal property tax from $50,000 to $225,000, which would exempt most small businesses.
Second, if the city collects greater than expected revenue from commercial property tax, a new formula lowering the tax rate for all commercial property tax payers would be applied to the first $3 million of a property’s assessed value. I probably need to read the bill but what exactly constitutes “greater than expected revenue”?