Bellevue Downtown Park Playground and Lake Washington
The Bellevue City Council met on June 28 and approved the Multifamily Tax Exemption program. According to the City of Bellevue, the provisions of this updated program will take effect during the week of July 12th.
The Multifamily Property Tax Exemption is an affordable housing incentive for new apartment developments in targeted areas of Bellevue. It provides a 12-year exemption from property taxes paid on the housing portion of qualifying projects in exchange for setting aside 20 perfect of the units for income-eligible households.
Some of the major changes to the Ordinance include, requiring a three percent cap on annual rent increase
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