Assessor John Wilson Thanks Rep. Shelley Kloba for Introducing Bill to Help Preserve Affordable Housing
Bill Would Provide Property Tax Relief for Property Owners for Charging Below Market Rents
King County Assessor John Wilson today thanked Rep. Shelley Kloba (D 1st District) for introducing HB 1035, a bill to help protect existing affordable housing by providing a property tax exemption (building and land) to property owners in exchange for charging below-market rents to tenants of certain residential properties.
The bill has been pre-filed and will be referred to a committee when the legislative session convenes on January 11th.
“Our region needs more housing of all types. One smart strategy is to protect the affordable rental housing that we already have. This bill will help us do that,” said Wilson. “I want to thank Rep. Kloba for her leadership on this issue, and for working with us to draft this bill.”
“Disheartened by watching neighbors get pushed out of communities by rising rents, I was looking for a way to keep rents stable and help landlords cope with rising property taxes. I am so pleased to be working with Assessor Wilson on this proposal,” said Kloba. “Successful passage will mean that city and county governments will have an additional tool in their toolbox that helps them meet their affordable housing goals, property owners will get a break on their property tax bill, and renters will have more stable rents. This bill creates a win-win-win situation.”
House 1035 will grant a property tax exemption to multifamily buildings at least 25 years old, accessory dwelling units to single-family homes, and rented spaces dedicated for mobile homes or manufactured homes if they house tenants earning up to 50% of area median income for multi-family and mobile/manufactured home spaces, and up to 80% of area median income for accessory dwelling units.