Multi-family housing in urban area

From the 2024 DOR Tax Exemption Study

84.14.021 - Multi-family housing in urban area Description Real property associated with the construction, conversion or rehabilitation of qualified, multi-unit residential structures may be exempt from property tax for 20 years. For the property to qualify for the exemption, at least 25% of the units must be sold to a qualified nonprofit or local government partner that will assure permanent affordable homeownership. The remaining 75% of units may be rented or sold at market rates. The property must also be located in a targeted residential area contained within an urban growth centers 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. 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