The Abatement - Again

For an interesting read, check out the op-ed piece by Mike Lonergan and Rick Talbert in the Trib. It's a solid defense of the property tax abatement.

As I've said before, I have enjoyed the property tax abatement since 2003, but I am also swayed by Peter Callaghan's argument that too much of it is going toward luxury condos.

Perhaps the two councilmembers are correct: there are better ways to deal with affordable housing than attaching restrictions to the property tax abatement. (Check out my brief distillation of the Pierce County Housing Report issued last month.) The close their suggestions:

... city, state and federal governments offer several tools for financing affordable housing development that are far more effective than this tax exemption.

The key message is this: The property tax exemption is working very well to accomplish its intended goals of increased residential density and economic vitality in mixed-use centers. The benefits of this success extend to every resident of Tacoma. We caution against adding requirements to the exemption, which could erase the advantage that is spurring extensive redevelopment.

I think they make a good case.