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Tax Break Tracker Individual Entry

Each individual entry is a single program reported by a single jurisdiction in a given fiscal year. Because we want to track the level and quality of disclosure as well as the content, the values below -- with the exception of program names -- are entered exactly as they are reported. See our user guide for more explanations.

Effected JurisdictionCity of Seattle
Jurisdiction type: Municipality
Fiscal year ending In2020
Program nameMultifamily Property Tax Exemption (MFTE)
Program purpose: Affordable Housing
Statutory authority: SMC Chapter 5.73 and RCW Chapter 84.14
Abating jurisdiction(s): City of Seattle, Washington
Applicable taxesReal Property Tax
Method of abatement: Tax Exemption
Provisions for recapture: If a property fails to comply with affordability restriction, the Director of Housing has the authority to cancel a Tax Exemption, and the Assessor has the authority to impose fines, collect back taxes, and charge interest on back taxes.
Gross revenue loss: $132,000
Reimbursement / offset: $0
Net revenue loss: $132,000
Type of loss: Active
Additional notes on dislosure(none)
Document sourcehttps://www.seattle.gov/city-finance/financial-and-audit-reports/annual-...