West Seattle Blog… | The city’s property tax relief program for apartment buildings for expansion, including two in West Seattle

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Almost all of the large apartment buildings that have been built in West Seattle over the past decade are participants in the Multi-family tax exemption (MFTE). This is a voluntary program that allows building owners to avoid paying property tax on the residential portion of their projects, as long as they provide a certain number of units at lower rents indexed to the rates. income levels of tenants. Tomorrow (Friday September 10), the municipal council Finance and Housing Committee examines legislation that, among other things, would extend the program – otherwise, nine participating properties will expire this year, after 12 years, including two in West Seattle Junction, Wall and Altamira. (For an example of how the exemption works, you can see Mural on the King County Assessor website – the estimated value of the property is $ 47.7 million, but it is taxed on $ 5.7 million.) The slideshow from tomorrow’s meeting shows 28 apartments in Mural and 32 in Altamira have rents limited to the MFTE. The proposed changes to the MFTE could also result in lower rents for tenants if they reach new lower income levels; otherwise, they would have acquired rights at the current rent level. The city says the proposed updates are the result of recent changes in state law. Tomorrow’s committee meeting is at 9:30 am, online; see the agenda for how to comment and how to watch.


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