Posts tagged: multifamily tax exemption
It will be harder next year to qualify for tax subsidies to build apartments and condos in Spokane.
The Spokane City Council on Monday reauthorized Spokane’s multifamily tax exemption for another five years. The decision significantly reduced the areas that will qualify for the subsidy and set lower limits to qualify for bonus exemptions when building affordable housing for rent.
Owners participating in the program paid $1.4 million less in property taxes this year because of the exemptions.
Under the program - first approved in 2000 and updated in 2007 - condo and apartment developers pay property taxes only on their land and the value of improvements before starting construction.