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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 JurisdictionWashington
Jurisdiction type: State
Fiscal year ending In2022
Program nameMulti-Unit Urban Housing Tax Exemption
Program purpose: Affordable Housing
Statutory authority: Revised Code of Washington (RCW) 84.14.020
Abating jurisdiction(s): State of Washington
Applicable taxesProperty Tax
Method of abatement: Tax Exemption
Provisions for recapture: If a portion of the property no longer meets the exemption requirements, the Tax Exemption is canceled and a lien will be placed on the land for the additional real property tax on the value of the non-qualifying improvements plus a 20 percent penalty and interest.
Gross revenue loss: $33,334,000
Reimbursement / offset: $0
Net revenue loss: $33,334,000
Type of loss: Active
Additional notes on dislosure(none)
Document sourcehttps://ofm.wa.gov/sites/default/files/public/accounting/report/CAFR/202...