Multi-unit urban housing

From the 2024 DOR Tax Exemption Study

84.14.020 - Multi-unit urban housing Description Real property associated with the construction, conversion or rehabilitation of qualified, multi-unit residential structures located in targeted residential areas contained within an urban center or urban growth area are exempt from property tax for up to 8, 12, or 20 years, depending on qualifications. Cities with a population of 5,000 or more are eligible to establish the target areas; smaller cities may participate if they are the largest city or town located in a county that is required to plan under the Growth Management Act. Or, until December 31, 2026, in any city where certain minimum building density requirements are met. For properties that received and satisfied the conditions of an 8- or 12-year exemption may qualify for an extension for an additional 12 years, following the initial exemption period. The value of the land and any improvements constructed prior to the submission of the exemption application are not exempt. At the conclusion of the exemption period, the value of the new housing construction, conversion, or rehabilitation improvements must be considered as new construction as though the property was not exem