Mary Margaret Davis Real Estate Team
Catch a Break with the Tax Abatement
published on 2016-01-23
Taxes are a necessary evil for most people. But if you’re a condo buyer at Texas & Pacific Lofts in Fort Worth, some of those property taxes are an evil that you can avoid until 2020.
In 2006, the City of Fort Worth designated Texas & Pacific Lofts a Tax Abatement Reinvestment Zone, thereby pushing off property tax requirements. Developers decided to pass some of the abatement along to condo buyers as a sales incentive, saving each of the 228 owners thousands of dollars a piece.
Built in 1931, the building initially housed a train terminal and T&P corporate offices. It now contains 136 lofts with another 92 lofts in a new four-story companion building that developers built next door. While developers in some cities may have razed the 12-story landmark building and replaced it with a modern glass structure, T&P developers opted to preserve this piece of Fort Worth history and reconfigure it into New York SoHo-style lofts. By utilizing the 1920s Zigzag Moderne architecture and several interior design elements already in place, the ambiance of these upscale lofts is highlighted by exposed ductwork, high ceilings, plenty of brick accents, and original terrazzo flooring along with a number of new urban features.
The Fort Worth Tax Abatement for Condos at Texas & Pacific Lofts applies to city property taxes on the site and is due to end in 2020.
Reinvesting in history is part of Cowtown’s charisma. Since the city’s colorful past is embedded deep in Texas archives and folklore, Fort Worth has traditionally preserved the character of its storied yore for generations to come. In addition to designating 11 historic districts citywide, several world-renowned attractions (such as the Fort Worth Stockyards and Sundance Square) encompass buildings that date back to the nineteenth and early twentieth centuries. Now Texas & Pacific Lofts are giving condo dwellers the opportunity to own part of Fort Worth’s rich history while saving significant property tax dollars in the process. It’s a win-win for everyone concerned.
Though no other Fort Worth condos currently qualify for a reinvestment tax abatement, that could change in the future if more developers follow Texas & Pacific’s lead and utilize landmark buildings to anchor today’s property demands -- and if they’re generous enough and strategically motivated to share the tax savings with condo owners.
Contact me today for more information on what a Tax Abatement means for your purchase at Texas & Pacific Lofts.
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Fort Worth condos are every bit as diverse as the city itself, which houses the famed Stockyards as well as one of the nation's most upscale cultural arts districts.
Downtown Fort Worth is a premier neighborhood to live, work and play. In addition to housing the bustling Central Business District, downtown is the hub of the city's Texas-sized culture, which revolves around the ideal blend of Western heritage and modern appeal. A growing number of condo owners are creating an urban culture all their own by opting out of rush hour commutes and opting in to an exciting, walker-friendly lifestyle in the heart of one of the fastest growing, most visited ...
Urban luxury and Fort Worth history come together at Texas and Pacific Lofts. Built in 1931 as a railroad depot, this 12-story landmark building is the city's largest and most lavish representation of 1920s Zigzag Moderne architecture, which is elegantly woven throughout common areas.
One and two bedroom NY So Ho style lofts contain exposed ductwork, high ceilings, plenty of brick accents and original terrazzo flooring. Upper floor lofts come with large windows and an expansive ...
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Information Deemed Reliable But Not Guaranteed. The information being provided is for consumer's personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. This information, including square footage, while not guaranteed, has been acquired from sources believed to be reliable.
Last Updated: 2022-10-04 01:11:07