The Multifamily Property Tax Exemption Program is an affordable housing incentive for new apartment development in certain areas of Bellevue. The MFTE provides a 12-year exemption from property taxes paid on the housing portion of qualifying projects in exchange for setting aside 20 percent of the units for income-eligible households.
The tax exemption is available in the following targeted areas (map with all targeted areas):
In June 2015 the City Council adopted the multifamily housing property tax exemption (City Code 4.52) through Ordinance 6231. RCW 84.14 addresses such tax exemptions in state law. The state Department of Commerce produced a Multi-Unit Housing Tax Incentives report.
The MFTE information sheet provides program overview, tables and a map of the targeted areas in an easy-to-print format.