The Mountlake Terrace City Council and the Planning Commission will host a presentation on Multifamily Property Tax Exemption Programs on Thursday, June 16, as part of the Council’s regular work session.
The presentation, provided by The Concord Group (TCG), will focus on Multifamily Property Tax Exemption programs that are authorized by Washington state law RCW 84.14. These allow developers of multifamily projects to apply for a property tax exemption for an eight-year or 12-year period. The exemption is only on the residential improvements value or portion of a project.
Many communities within the Puget Sound area have used this tool to help them meet state and local goals of encouraging residential opportunities in urban centers with insufficient housing, while at the same time, incentivizing the development of housing units that are at a greater level of affordability, i.e., below market rates. TCG will also discuss additional development incentives that cities sometimes offer to help them meet similar goals.
Another City Council discussion on this topic is likely to follow on June 30. Additional meetings could take place depending on the direction provided by the City Council.
This special meeting is set for 6 p.m. and will be the city’s first hybrid City Council meeting, meaning it will occur both in person and via Zoom. After the presentation by TCG, other agenda items include Review of 2022 First Quarter Police Department Report, Review and Approval of City Council Subcommittee Recommendation for Board/Commission Member Appointments, and Juneteenth Independence Day Proclamation. Action is scheduled on board and commission appointments and the proclamation because the June 21 regular meeting is cancelled.
To attend in person, the location is the City Council Chambers at City Hall, 23204 58th Avenue W. To attend via Zoom, use this link: https://us02web.zoom.us/j/81446922986, with passcode 061622.
For more information, contact Stephen Clifton, Assistant City Manager, at 425-744-6209 or sclifton@mltwa.gov.
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