When property tax bills began arriving in the mail this past week, most taxpayers yowled at the steep increases they are facing. Most, that is, except for developers who are enjoying a nearly 95% discount.
Most, that is, except for developers who are enjoying a nearly 95% discount on their property tax bills.
Clued in by a tipster, Dori cited The Rooster apartments in Seattle’s Roosevelt neighborhood. This 194-unit building — appraised at $77 million with a street value of about $100 million – is taxed on just $3.3 million, Dori told listeners. In comparison, Dori pointed out, owners of a pair of homes in nearby Laurelhurst pay more in property taxes than many MFTE developers.
“We have to ask ourselves: Is there a better way to provide affordable housing than a huge tax giveaway for a property that probably would have gotten built anyway?” Wilson posed. “A lot of these developments were in rapidly growing areas.” Wilson told Dori he is equally frustrated at current property tax structures in his King County jurisdiction, and statewide.
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