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Housing director says city opted out of Live Local tax exemption; board informed of council rationale
Summary
Acting housing manager Dylan Mayhew reported that the city council opted out of an automatic Live Local tax exemption for certain rental properties, citing concerns about reducing the tax base and limited gains in new units.
Acting housing manager Dylan Mayhew told the Neighborhood and Affordable Housing Board that in December the city council approved an opt-out to the Live Local tax exemption for certain rental properties.
Mayhew said the Live Local exemption would have been an automatic tax exemption for larger rental properties with a portion of units at or below 80% AMI, but that the city concluded the exemption would reduce the tax base without producing new units. “One of the council members asked me to let you all know that that was the reasoning behind moving forward with that opt out,” Mayhew said.
NAHAB heard the report as part of the director’s update; no board action on the opt-out was taken at the meeting.
