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Council adopts update to multifamily tax exemption rules; staff to revisit policy in two years
Summary
Council adopted amendments to the multifamily tax exemption program to align with state law updates and scheduled a staff check-in in about two years to evaluate impacts and necessary tweaks.
On third reading the council adopted an ordinance updating rules and procedures for the multifamily tax exemption program in accordance with RCW 84.14. Frank Hall, housing policy development lead, said staff will return in 2028 for another revision to align with an additional state house bill and to provide a follow-up review on program performance.
Council members voted in favor of the ordinance by roll call. Vice President Ryan asked for a follow-up check-in to evaluate whether the incentive levels are working as intended, and staff confirmed they will return within the stated timeframe to report on progress and adjustments.
