For Multi-Family Tax Exemption (MFTE), once a project has met all programmatic criteria, the owner/tax payer can expect to save approximately $1,600 on their tax bill for every $120,000 of Exempt Assessed Value. The exemption of assessed value is only applied to housing portions of the property. Download the calculator to help you estimate your possible property tax savings.
The City of Spokane's Multi-Family Tax Exemption (MFTE) program offers a partial property tax exemption for new improvements that create multi-family housing. The exemption period is 8 years for market rate projects, and 12 years for projects where at least 20% of the units are occupied and affordable to those with an income of no more than 115% of Area Median Income The program is based on state law (RCW 84.14) and described in the Spokane Municipal Code (SMC 08.15).
Here are a couple key things to remember about this program:
Contact Teri Stripes,
Economic Development Specialist at:
Development Services Center
808 W. Spokane Falls Blvd, 3rd floor
Planning & Development Services
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