Multi-Family Property Tax Exemption
The purpose of the Multi-Family Residential Property Tax Exemption Program is to encourage the development of multi-family housing and mixed-use development within Lynnwood's City Center Sub-Regional Area. The program exempts property taxes for eight or twelve years and applies to both apartments and condominium units.
The property tax exemption applies only to residential apartments and condominiums within the City Center Subarea Plan boundary. The value of the land and the non-qualifying improvements does not qualify for the exemption. The MFTE Program is regulated by LMC 3.82, Ordinance No. 2961 and Ordinance No. 2681 provide further information regarding the criteria exemption.
SEPA Planned Action and SEIS
Pursuant to the Washington State Environmental Policy Act (SEPA), adoption of a Planned Action Ordinance serves to streamline environmental review. Planned actions provide upfront programmatic SEPA review in an Environmental Impact Statement (EIS), rather than on a case-by-case project basis. This approach addresses environmental considerations while streamlining project related environmental reviews.