3.78.030 Tax exemption.
The value of new housing construction, conversion, and rehabilitation improvements qualifying under this section is exempt from ad valorem property taxation, as follows:
A. For eight successive years beginning January 1st of the year immediately following the calendar year of issuance of the final certificate if the property otherwise qualifies for the exemption.
B. For twelve successive years beginning January 1st of the year immediately following the calendar year of issuance of the final certificate if the property otherwise qualifies for the exemption and meets the conditions in this subsection. For the property to qualify for the twelve-year exemption, the applicant must provide affordable housing pursuant to EMC 3.78.080.
C. For twenty successive years beginning January 1st of the year immediately following the calendar year of issuance of the final certificate if the property otherwise qualifies for the exemption for the purposes of homeowners only and meets the conditions in this subsection. For the property to qualify for the twenty-year exemption, the applicant must provide affordable housing pursuant to EMC 3.78.085.
D. If, in calculating the minimum proportion of the multifamily housing units in the project for affordable housing in this section, the number for an affordability category contains a fraction, then the minimum number of multifamily housing units for that category shall be rounded up to the next whole number.
E. For any affordable units required under this chapter, the following shall apply:
1. The mix and configuration of affordable units (e.g., studio, one-bedroom, etc.) shall be substantially proportional to the mix and configuration of the total housing units in the project unless otherwise approved by the city.
2. Affordable housing units shall be intermingled with all other units in the development.
3. The quality of construction and finish materials in those affordable units used to qualify for the exemption shall be the same as other housing units in the project.
F. The exemption does not apply to the value of land or to the value of residential or nonresidential improvements not qualifying under this chapter, nor does the exemption apply to increases in assessed valuation of land and nonqualifying improvements. (Ord. 3954-23 § 1 (Exh. 1), 2023.)