June 08, 2010
They say that the only sure things in life are death and taxes. But we're excited to tell you that you can pay less taxes when you live at Kendall Yards.
The City of Spokane’s Multiple Family Housing Property Tax Exemption Program(SMC 8.15 and RCW 84.14) is available for multi-family(4 units or more) homes in Kendall Yards. The goal of the program is to discourage urban sprawl and encourage more multi-family residential, including affordable housing, within existing centers and corridors of the City.
Under this program the land is fully taxed but the value of the new residential structure is exempt from property taxes for either 8 or 12 years depending on the unit affordability. At Kendall Yards the townhomes in phase 1 are expected to qualify for a 12 year exemption.
Homeowners must file an annual report* with the City of Spokane’s Development Incentives Department. Failure to submit the annual report may result in cancellation of the tax exemption.
For more information contact the City of Spokane’s Development Incentives Department, (509)625-6967, or contact Greenstone.
*Greenstone will be available to assist with the annual report if needed.