Property Tax Abatement Regulations to be considered at Monday’s City Council meeting

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City-of-MLT-logoThe City Council will consider a proposed ordinance to extend the current Tax Abatement Program for an additional three years after holding a public hearing at its Aug. 18 meeting.

The meeting begins at 7 p.m. in the Council Chambers at the Interim City Hall, 6100 219th Street SW, Suite 220.

State law, relating to property taxes, was amended in 2007 to provide an incentive for multiple family developments to locate in designated urban centers. The purpose of the legislation was to create more housing opportunities close to employment, transit and convenience services through temporary relief from property tax on the residential portion only.

In 2011, the City Council adopted, by ordinance, a Property Tax Abatement Program for the city. The program identified three target areas where more compact housing was needed including the Town Center, Freeway/Tourist area, and 216th Street area. The program was scheduled to end on October 1, 2014.

Two projects in the Town Center have utilized the program. Arbor Village and Vineyard Park, when complete, will have created over 200 housing units in the downtown.

If the proposed ordinance passes, the application deadline for tax abatement would extend to October 1, 2017. An individual then has three years (plus a one-year grace period) to complete their project, receive a certificate of occupancy and apply to the assessor for the abatement.  The abatement period then runs for a period of eight years, meaning that the Ordinance is effective through October 2, 2029.

The Planning Commission reviewed and discussed the draft Property Tax Abatement Regulations Ordinance on June 23 and recommended that the City Council adopt the proposed Ordinance.

Additional information on this proposal is available on the city’s website www.cityofmlt.com. Reports, maps and audio of meetings held by the Planning Commission and City Council can be found at http://www.cityofmlt.com/cityServices/cityCouncil/councilMeetings.htm (by date of meeting).

For more information, call the Community and Economic Development Department at 425-744-6207.

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