Seattle reaches agreement on waterfront tax with downtown property owners
With the Alaskan Way Viaduct coming down, Seattle is getting serious about waterfront improvements that will benefit all who visit and live in the city. The new waterfront won’t come cheap, though – and only a small group of downtown property owners were assessed for the improvements.
Property owners spoke up against the local improvement district (LID) tax on their homes and developments, and the city listened. The LID will now fund $160 million of the $712 million project, instead of $200 million under the old deal.
Mayor Jenny Durkan said the waterfront project will be as significant as the Space Needle, reported the Puget Sound Business Journal.
REALTORS® had expressed concern about the original waterfront tax proposal because of the unfair burden it placed on a small group of property owners. See what else REALTORS® are doing to protect homeownership and your business.
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