SB 5118 - Multifamily Property Tax Exemption
Date postedFebruary 4, 2023
Posted By: Bills,
Concerning modifying the multifamily property tax exemption to promote development of long-term affordable housing.
Sponsors: Kuderer, Wellman, Frame, Hunt, Keiser, Liias, Lovelett, Nobles, Randall
Status: Heard in (S) Housing on Jan 13, not currently scheduled
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
- 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.