Bellingham, WA Tax Exemptions For Multi-Family Housing
Bellingham, Washington Tax Exemptions For Multi-Family Housing In Targeted Residential Areas
Type: Ordinance
Status: Adopted
Intent:
Limited 10-year exemptions from ad valorem property taxation for multi-family housing in Urban Centers are intended to:
1. Provide economic incentives enabling increased residential housing choices and opportunities within Urban Centers designated by the City Council as Targeted Residential Areas.
2. Stimulate new construction or rehabilitation of existing vacant and underutilized buildings for multi-family housing in Targeted Residential Areas to increase and improve housing opportunities;
3. Assist in directing future population growth to designated urban centers with existing available infrastructure thereby reducing development pressure on neighborhoods lacking infrastructure capacities; and
4. Achieve development densities which are more conducive to transit use in designated Urban Centers.