Jessica Fisher, Public Information Assistant, 509.625.6749
Thursday, October 19, 2017 at 9:55 a.m.
The City of Spokane has an apartment vacancy rate of 1.4%; we need more housing options.
In an effort to provide more affordable housing options the City of Spokane is offering multi-family property tax exemptions (MFTE) for developers.
In order for a developer to quality for a multi-family property tax exemption, their project must meet a series of requirements. These requirements include:
It is important to note that these tax exemptions only apply to the housing units. For example, if a developer were to build a mixed-use property only the housing units would benefit from this exemption. The rest of the building would not be exempt from property taxes.
Once the 8 year or 12 year exemption expires, the property will be entered on to the tax rolls as new construction and will be required to pay property taxes.
The multi-family property tax exemptions have been used to build townhouses, mixed-use condos, and apartments. This program has seen great success in the lower south hill area as well as our Downtown.