Washington SB5604 promotes transit-oriented development by exempting new housing construction from property taxes.

Washington SB5604 introduces a property tax exemption for new housing construction, conversion, and rehabilitation in transit-oriented development areas. This exemption lasts for 20 years and applies to properties meeting specific criteria, such as being within a half-mile of a major transit stop. The bill also outlines requirements for affordable housing, including income eligibility and unit availability. Additionally, it mandates audits and reviews to ensure compliance with the tax exemption program, with penalties for noncompliance.

Washington SB5604 promotes transit-oriented development by exempting new housing construction from property taxes.

Washington SB5604 introduces a property tax exemption for new housing construction, conversion, and rehabilitation in transit-oriented development areas. This exemption lasts for 20 years and applies to properties meeting specific criteria, such as being within a half-mile of a major transit stop. The bill also outlines requirements for affordable housing, including income eligibility and unit availability. Additionally, it mandates audits and reviews to ensure compliance with the tax exemption program, with penalties for noncompliance.