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Senate committee reviews extension of vertical housing property-tax exemption (SB 117)
Summary
Witnesses briefed the Senate Finance and Revenue Committee on Senate Bill 117, which would move the sunset for the vertical housing property-tax exemption from Dec. 31, 2025, to Dec. 31, 2031. Staff described the exemption’s mechanics, usage trends and estimated revenue impacts; advocates said the exemption helps projects pencil out.
Senate Bill 117, which would extend the property-tax exemption for vertical housing development projects, was the subject of a public hearing before the Senate Committee on Finance and Revenue on Feb. 5, 2025.
Legislative Revenue Office analyst Bo Olin told the committee the bill would move the exemption’s sunset date from Dec. 31, 2025, to Dec. 31, 2031 and walked members through the policy purpose and the exemption’s mechanics. Olin described three primary drivers of the exemption: the share of a project devoted to residential use, the share of that residential housing reserved for low-income households, and the number of floors (the exemption is designed for projects of at least two stories and targets roughly two-to-five story buildings). He said some configurations…
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