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.
Newsworthy
Bainbridge establishes tax exemption program for multifamily housing
Qualifying MFTE projects would be exempt from property taxes for 12 or 20 years after construction was completed.
Bainbridge Island establishes tax exemption program for multifamily housing projects
Qualifying MFTE projects would be exempt from property taxes for 12 or 20 years after construction was completed.
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