Seeking to meet demand, city expands tax exemption for multifamily housing
Hoping to tie a surging demand for more apartment units in Spokane with a desire for density, the Spokane City Council approved changes to a city tax law this week aimed at spurring construction of more multifamily housing structures . The changes to the Multiple Family Housing Tax Exemption expand the boundaries where the exemption can be used, and aligns the boundaries with land identified by the city to be prime for denser development. The changes also increase the income levels required under the exemption. “This will help us to continue building the city from the core out,” said Councilwoman Candace Mumm . The exemption applies to the construction or rehabilitation of a building that has four or more living units. Under the exemption, the land is fully taxed, but any new improvements related to housing are exempt from property taxes. After the exemption ends , taxes are paid on the property’s full value. The exemption stays with the property even if it’s sold. There are many ...