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Committee hears support for expanding Multifamily Property Tax Exemption program in House Bill 1494
Summary
Senate committee received a staff briefing and public testimony on House Bill 1494, which would change eligibility and compliance rules for the Multifamily Property Tax Exemption (MFTE) program.
The Senate Ways & Means Committee heard a staff briefing and public testimony on House Bill 1494, which would modify the Multifamily Property Tax Exemption (MFTE) program by changing eligibility rules for cities and counties, clarifying affordability requirements, and tightening compliance and reporting.
Committee staff introduced the MFTE framework and the bill's changes. Ollie Kennedy, staff to the committee, summarized the program options (8-, 12-, and 20-year exemptions) and described eligibility changes that would allow any city with at least 15,000 people and a mandatory inclusionary zoning requirement to offer the 20-year rental exemption within one mile of high-capacity transit. The bill would also remove the requirement that certain…
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