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CREATING DENSITY IN URBAN CENTERS

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

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  1. CREATING DENSITY IN URBAN CENTERS Tax Incentives Ch. 84.14 RCW

  2. 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

  3. 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

  4. 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

  5. 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

  6. 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

  7. City May Establish Guidelines • Height • Density • Public Benefit Features • Number and Size of Units • Parking • Income • Other

  8. 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

  9. 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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