CITY OF SEATTLE
ORDINANCE __________________
COUNCIL BILL __________________
title
AN ORDINANCE relating to the Multifamily Housing Property Tax Exemption Program; amending Section 5.73.090 and Section 5.73.120 of the Seattle Municipal Code to allow extension of tax exemptions scheduled to expire on December 31, 2024.
body
WHEREAS, chapter 84.14 RCW authorizes local jurisdictions to provide 12-year multifamily property tax exemptions if, at a minimum, the owner agrees to meet the locally adopted affordability requirements for new projects, consistent with chapter 84.14 RCW, as applicable at the time of application for an exemption; and
WHEREAS, chapter 84.14 RCW authorizes local jurisdictions to extend multifamily property tax exemptions for an additional 12 years if, at a minimum, the owner agrees to satisfy locally adopted requirements that are no less restrictive than those for new projects receiving a property tax exemption, as applicable at the time of application for an extension; and
WHEREAS, chapter 84.14 RCW states that requirements for a multifamily property tax exemption should be relative to the size of the project and value of the property owner's tax benefit; and
WHEREAS, Chapter 5.73 of the Seattle Municipal Code, 2004 Multifamily Housing Property Tax Exemption Program ("MFTE Program"), was adopted by Ordinance 121415 and amended by Ordinances 121700, 121915, 122730, 123550, 123727, 124724, 124877, 124919, 125932, 126392, 126443, and 126792; and
WHEREAS, the MFTE Program authorized extended tax exemptions for eligible properties, for which tax exemptions expired at the end of the years 2021, 2022, and 2023; and
WHEREAS, on December 31, 2024, property tax exemptions are set to expire for 15 for-profit-owned multifamily rental properties, in which 342 of approximately 1,670 units are currently income- and rent-restricted; and
WHEREAS, the Seattle Office of Housing may not approve extension of property tax exemptions set to expire in 2024, even if re...
Click here for full text