Oklahoma City’s Local-Option Tax Pays Off
Neighboring states and cities have been keeping an eye on things in Oklahoma City when it comes to the city’s local-option tax. It’s been in the making for about 20 years, but Oklahoma City home owners have stepped up in a unique way to enhance the community through tax-funded initiatives. Those projects, called “Metropolitan Area Projects” or MAPs, have helped revitalize the downtown area and continue to do so.
Thus far, billions of dollars in private investment have been collected for these MAPs. They have helped shed light on Oklahoma City’s flourishing arts scene, helping to keep a crop of young talent and creative professionals in town. The MAPs outlines capital projects that are slated to be funded by a one-cent sales tax. It works in such a way that the projects are paid for in cash and don’t incur any debt, as all MAPs have a start and end date. Some of the MAPs include construction of a 20,000-seat, indoor sports arena in 1993, construction of a 15,000-seat downtown ballpark, construction of a new downtown library, construction of the Bricktown Canal, development of a trolley transit system, development along the North Canadian River, along with and renovations to the Civic Center Music Hall, Cox Convention Center and Oklahoma State Fairgrounds.
At first, the idea barely passed, but it’s been a huge success for Oklahoma City home owners and their neighbors. Because of MAPs, the downtown entertainment district continues to thrive and evolve, and the ballpark houses the Houston Astros’ AAA team. The indoor sports arena that was built with funds is home to the Oklahoma City Thunder, so it’s easy to see just how far-reaching a MAPs project can go. As the City points out, “We empowered our residents by letting them determine their level of taxation. We told them what we would do with their money and let them decide if they wanted to fund it with a penny sales tax. In relatively strong numbers they have chosen to do so.”
The city consistently exceeds the expectations of those who move here, and Oklahoma City home owners know why it’s such a fantastic place to lay down roots. If you’re searching for an Oklahoma City home, please contact our local team of real estate agents. We’d love to help you find the home of your dreams!