Bill: In Voting LDZ Property Tax Exemption Act

[nanicholls]

A
BILL
TO
Exempt LDZ areas from Property Tax during Development​

Preamble: This bill aims to exempt LDZ plots from Property Taxes while under development. Currently, LDZ projects are taxed by Region to the developer from the time the contract begins and properties are handed over, to the time properties are finished and handed back to the Government. This creates large financial implications for the Developer and cuts into profit margins and project viability.


1 - Short Title and Enactment
(1) This bill shall be referred to as the "LDZ Property Tax Exemption Act".
(2) This bill was authored by Nanicholls MP.
(3) This bill shall be enacted immediately.

2 - Reasons
(1) This bill will allow members of the community to develop Large Development Zones (LDZ) without incurring additional expenses due to Property Taxes on Plots.
(2) This bill will ensure LDZ projects remain financially viable for Private Sector development.

3. Exempting LDZ Projects from Property Taxes while in Development.
(a) All regions in a Large Development Zone Project shall be property tax exempt from the beginning to the end of the development of the project.