Almost all the sizable apartment buildings that have gone up in West Seattle in the past decade-plus are participants in the city’s Multi-Family Tax Exemption (MFTE) program. It’s a voluntary program that enables building owners to not pay property tax on the residential portion of their projects, as long as they provide a certain number of units at lower rents pegged to tenants’ income levels. Tomorrow (Friday, September 10th), the City Council’s Finance and Housing Committee looks at legislation that among other things would extend the program – otherwise, nine participating properties will expire this year, after 12 years, including two in the West Seattle Junction, Mural and Altamira. (For an example of how the exemption works, you can look at Mural on the King County Assessor website – the property’s assessed value is $47.7 million, but it’s taxed on $5.7 million of that.) The slide deck for tomorrow’s meeting says 28 apartments at Mural and 32 at Altamira have MFTE-restricted rents. The proposed MFTE changes also could mean lower rents for tenants if they meet new, lower-income levels; otherwise, they’d be grandfathered in at the current rent level. The city says the proposed updates are the result of recent changes in state law. Tomorrow’s committee meeting is at 9:30 am, online; see the agenda for how to comment and how to watch.
West Seattle, Washington