Bainbridge Island, WA property tax exemption for multi-family developments for affordable housing

Bainbridge Island, WA tax exemption affordable housing

The Bainbridge Island City Council approved a 12 to 20 year property tax exemption for multi-family developments to encourage affordable housing. Rental housing developments must have at least 20 to 25% of units rented to low-income households to qualify while condominiums must sell 100% of units to low-income families to qualify. Taxes would still be owed on the value of the land or any “non-residential” development.

BI

Bainbridge Island, WA

Municipality in Washington

United States