Tax incentives encourage preferred development patterns and can take the form of preferential assessment programs, tax abatements, and tax credits.
Governments can encourage conservation of vulnerable properties by taxing properties at a lower rate based upon its restricted “use value;” encourage relocation or retrofit of vulnerable properties by providing a onetime tax credit; or encourage upland infill development by providing tax credits or streamlined permitting.
Transfer Development Rights
Transfer of development rights restricts development in one area (“sending area”) and allows for the transfer of development rights to another area more appropriate for intense use (“receiving area”).
Governments could restrict development in vulnerable areas and allow for transfer of development rights to upland parcels where development will be out of harm’s way. This approach only works well in areas where there is a supply of public land that can be transferred.
Real Estate Disclosures
These require sellers of real estate to disclose certain property defects to prospective buyers prior to close.
Governments can compile and disseminate information about a property’s vulnerability to climate change or require sellers to disclose if a property is located in an area vulnerable to climate change.
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