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City staff warn property-tax exemptions are yielding limited rent reductions; council urged policy changes
Summary
City staff told the council that Denton foregoes an estimated $15 million in annual tax revenue in exchange for roughly $1.2 million in rental reductions, and recommended shifting incentives toward deeper affordability (30%–50% AMI); council members pressed staff on monitoring and whether indefinite exemptions should be revisited.
City staff on April 7 told a joint meeting of the City of Denton and the Benton ISD board that existing property-tax exemptions for multifamily housing produce limited rental savings for renters and that the council should favor deeper affordability in future deals.
"About 1 in every 3 renting household... is severely cost burdened," Jesse Kin, the city’s director of community services, told council and trustees during a presentation on tax exemptions and multifamily affordable housing. He explained that Denton is measured against the Dallas Fair Market region for Area Median Income (AMI) and reviewed typical AMI bands used in federal and state programs (30%, 50%, 80%).
Kin cited local figures and said the city currently shows "22 properties with tax exemptions" plus additional developments under construction. He presented an…
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