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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