Details

Title	City of Bremerton, Washington: Property Tax Exemption Ordinance
Highlights	According to the ordinance, the city is facing a gap in affordable housing options near the city center.   According to the ordinance, property tax exemptions for multifamily housing will encourage the development of affordable housing.
Description	This ordinance allows property tax exemptions for multifamily units in designated areas within the city of Bremerton, Washington. According to the ordinance, the purpose of the exemption is to stimulate new construction and rehabilitation of multifamily housing, reduce urban sprawl, and increase developmental densities. The ordinance will provide a 10 year property tax exemption for new, converted, or rehabilitated multifamily housing with at least 10 dwelling units. To be eligible for the property tax exemption, a minimum of 50 percent of space in the multifamily projects must be set aside for permanent residential occupancy and the project must not displace existing residential tenants.
Publication Date	2008
Organization	City of Bremerton, Washington
Web Location	http://www.ci.bremerton.wa.us/forms/city/precodified/4968multifamilypropertytax.pdf?bremcity=a922a2d7c21da2926f4d0995d27bb7e2/71EF6934-FD8A-4CE8-821B-0F789E8C9684/0/10YearPropertyTaxExemption.pdf

Notice: The contents of this record reflect the views of the author and/or promulgating municipality, and should not be construed as representing the views or policies of the U.S. Department of Housing and Urban Development or U.S. HUD's Office of Policy Development and Research. No attempt has been made by U.S. HUD or its contractors to verify the accuracy, currency, or validity of the record contents presented herein.