Advocacy Updates

Bill 12 Provides Property-Tax Relief for Family Rental Housing

Councilmember Ann Kobayashi introduced Bill 12 to provide property-tax relief to families who dedicate their Residential A property for family rental. If the property was purchased for less than $1M and is dedicated to family-rental, including parents, siblings and children, for 5 years, then the property owner would receive the lower residential property tax classification.

The Department of Budget and Fiscal Services (BFS) has concerns with the bill, which center around the high cost and complexity of implementation. Taxpayers would be paying to create additional administrative forms, development of processes and procedures, rules and regulations, revision of public information, staff training and future processing and monitoring by Real Property Assessment Division (RPAD) staff. The RPAD believes that there are other options that owners of these properties might employ that could achieve the same outcome for these specific cases. The only costs incurred for these other options would be to the property owner receiving the benefit, as opposed to the added costs to all taxpayers that would be incurred if this bill passes.

 

 

 

 

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