Multi-Family Property Tax Exemption

Purpose

The purpose of the Multi-Family Residential Property Tax Exemption Program is to encourage the development of multi-family housing and mixed-use development within Lynnwood's City Center Sub-Regional Area. The program exempts property taxes for eight or twelve years and applies to both apartments and condominium units.

Limits on Exemption

The property tax exemption applies only to residential apartments and condominiums within the City Center Sub-Area Plan boundary. The value of the land and the non-qualifying improvements does not qualify for the exemption. The program summary and Ordinance #2681 provides further information regarding the parameters of the exemption.

Eligibility

The applicant must be the owner of the property and the property must be located within the boundaries of the City Center Area. An application may be submitted year-round. Once the project is granted the tax exemption, construction must be completed within 3 years. The project applicant is required to enter into a contract agreement with the City of Lynnwood, establishing specific requirements for completion and acceptance of the project. If the owner sells the property after the tax exemption has been granted, the exemption stays with the property and is transferred to the new owner.