SB 5118 - Multifamily Property Tax Exemption

Posted By: Ryan Makinster Bills,

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

Bill Information

Sponsors:  KudererWellmanFrameHuntKeiserLiiasLovelettNoblesRandall

Companion: N/A

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.

Latest Action Alert: N/A

Talking Points: N/A

Notes: N/A