421 SW 6th Avenue, Suite 500, Portland, OR 97204
Under the Multiple-Unit Limited Tax Exemption (MULTE) Program, multi-unit projects receive a ten-year property tax exemption on structural improvements to the property as long as program requirements are met.
During the exemption period, property owners are still responsible for payment of the taxes on the assessed value of the land and any commercial portions of the project, except for those commercial improvements deemed a public benefit and approved for the exemption. The value of the exemption cannot exceed 100 percent of the real market value. In the case of a structure converted in whole or in part from other uses to multiple-family, only the increase in value attributed to the conversion is eligible for the exemption. The property is reassessed when the exemption is either terminated for noncompliance or expires after the ten years, and owners begin paying full property taxes.
Three applications were received in the 2014 MULTE application round.