The City of Falls Church has revised its Commercial Property Tax Abatement Program to encourage office rehab, expansion and new construction projects to help the City meet the increasing demand for Class A office space. Owners of buildings at least 20 years old may benefit from ten-year tax breaks under new program criteria. To qualify for the program, an investment must result in: (1) at least 10,000 square feet of new, improved, or additional office space; and (2) assessed value at the time of project completion at least double (2X) the assessed value of the existing building.
Only office or office portions of buildings that are strictly commercial in use (no residential components) are eligible for abatements. Projects meeting these criteria can receive 100 percent tax abatement on the increase in assessed value for five years and 50 percent tax abatement on that value for an additional five years.
For more information, visit http://choosefallschurch.org/CPTA or contact the Economic Development Office at firstname.lastname@example.org or (703) 248-5491.