Multiple Unit Property Tax Exemption (MUPTE) Program Overview
Program Overview
The Multi-Unit Property Tax Exemption (MUPTE) is a tool that can move a proposed housing development to be financially feasible. MUPTE is a state-enabled program (ORS 307.600-307.637) designed to be an incentive for the development of residential properties in city centers and along transit corridors.
MUPTE allows new multi-family units (4 or more units) to be exempt from property taxes on the value of new residential construction for up to 10 years. The property continues to generate taxes for the land value during the exemption period.
Multi-Unit Property Tax Exemption (MUPTE)
- The owner and developer can be a for-profit entity, and the commercial floor must be nonresidential.
- The applicant must propose that at least 15% of project’s units to be affordable for households earning 80% of the average median income in Corvallis or agree that 10% of the total property tax exemption will annually be paid to a fund for the future development of affordable housing.
- Each application would be reviewed on a case-by-case basis and must demonstrate financial need with a detailed proforma.
- Each project will be required to also provide for at least three public benefits provided in CMC Chapter 8.19.
Eligible MUPTE Project Areas
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Projects must be within CMU-1 Zone located north of Monroe Avenue, East of 26th Street, South of Van Buren Avenue and West of 14th Street; CMU-2; CMU-3; and RMU-20 (Note: Areas zoned RS-20 may also be re-zoned to RMU-20)
Contact Info:
Christopher Jacobs
Economic Development Division
541-766-6339
christopher.jacobs@corvallisoregon.gov
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