A new tax abatement policy is on the city of Mission’s books. The Mission City Council on Wednesday voted 6-2 to approve an updated tax abatement policy. The updated policy comes after two separate developers — those of 58 Nall and Milhaus — requested tax abatements on apartment projects in Mission. The policy caps tax abatement at 75% in special circumstances: Mission’s previous tax abatement policy, which was never used, allowed developers up to 100% deferred property taxes for a 10-year period. The new policy starts developers off at 45% tax deferment if they meet certain criteria, such as a minimum capital investment of $3 million into a project.
Source: Prairie Village Post
