SB 5118 - Multifamily Property Tax Exemption

Concerning modifying the multifamily property tax exemption to promote development of long-term affordable housing.

Bill Information

Sponsors:  Kuderer, Wellman, Frame, Hunt, Keiser, Liias, Lovelett, Nobles, Randall

Companion: N/A

Status: (S) Housing 

What the bill does:

• Creates a new 99-year property tax exemption for properties that commit
  to renting or selling at least 35 percent of the multifamily housing square
  footage as affordable housing to low- and moderate-income households.
• Includes the value of new affordable housing constructed and
  corresponding land for the exemptions with an affordable housing
  component.
• Provides that the option to qualify by rehabilitating an existing building
  or converting a nonresidential building to multiple-unit housing does not
  apply to the 8- and 10-year property tax exemptions.
• Allows property owners receiving an 8- or 12-year property tax
  exemption to extend the exemption for an additional 12- or 99-years if
  certain affordability requirements are met.

Latest Action Alert: N/A

Talking Points: N/A

Notes: N/A