creating density in urban centers
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CREATING DENSITY IN URBAN CENTERS. Tax Incentives Ch. 84.14 RCW. Purpose. To meet the needs of a growing number of the public who would live in urban centers if these desirable, convenient, attractive, and livable places to live were available

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creating density in urban centers

CREATING DENSITY IN URBAN CENTERS

Tax Incentives

Ch. 84.14 RCW

purpose
Purpose
  • To meet the needs of a growing number of the public who would live in urban centers if these desirable, convenient, attractive, and livable places to live were available
  • To increase the number of permanent residents to alleviate conditions that tend to exist in absence of a viable residential population
multi family tax abatement
Multi-family Tax Abatement
  • Previously Available Only to Cities 150,000 or more in population
  • Code Changed in 1997 Legislature allowing Wenatchee’s participation
  • Urban Multi-Family Only
  • Property Taxes Only
what tax is abated
What Tax is Abated?
  • Property tax only
  • The property tax on the value of new construction, conversion and rehabilitation improvements is exempted from property taxes for ten years
  • Must apply by April 1st to take effect the following January
what isn t abated
What Isn’t Abated?
  • Property tax on land
  • In the case of rehabilitation, the exemption does not include the value of improvements constructed prior to the submission of the application
  • Increases in assessed valuation on nonqualifying portions of building and land
  • Tax liability if property removed before 10 years
what type of housing
What type of Housing?
  • Rent or Owner-occupied
  • Four units or more
  • New residential construction
  • Rehabilitation, provided the units have been vacant 12 months or more
city may establish guidelines
City May Establish Guidelines
  • Height
  • Density
  • Public Benefit Features
  • Number and Size of Units
  • Parking
  • Income
  • Other
city designates target area
City Designates Target Area
  • Urban center must contain:
    • Business establishments
    • Adequate public facilities
    • A mixture of uses and activities such as housing, recreation, and cultural activities in association with either commercial or office, or both, use
  • City designates target Area
ordinance drafted
Ordinance Drafted
  • City met with interest groups to define level of interest, target area and any applicable guidelines
  • Target area was defined, as well as guidelines for demolition and unit replacement
  • Based on annual program review, target area can be adjusted as needed
  • Applications are due on April 1 of each year
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