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    Lawsuits against realtor association threaten agent commission model

    Lawsuits against realtor association threaten agent commission model

    Higher home prices, mortgage rates means sharp increases for home buyers

    State audit calls Oregon’s mortgage interest deduction ‘regressive and inequitable’

    Measure 6-196: Coos Bay voters asked to fund new library and communications center

    Measure 6-196: Coos Bay voters asked to fund new library and communications center

    Oregon real estate love letter ban hit with an injunction

    Measure 6-196: Coos Bay voters asked to fund new library and communications center

    Measure 6-195: North Bend voters asked for $22.6 million for school improvements

    Measure 6-194: Coos County voters to decide on Charleston area lodging tax

    Coos Bay Council considers property tax exemptions for new multi-unit dwellings

    Coos Bay Council discusses proposed library tax rates

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          Lawsuits against realtor association threaten agent commission model

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          Oregon real estate love letter ban hit with an injunction

          Coos Bay Council considers property tax exemptions for new multi-unit dwellings

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            Lawsuits against realtor association threaten agent commission model

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            State audit calls Oregon’s mortgage interest deduction ‘regressive and inequitable’

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                  Lawsuits against realtor association threaten agent commission model

                  Lawsuits against realtor association threaten agent commission model

                  Higher home prices, mortgage rates means sharp increases for home buyers

                  State audit calls Oregon’s mortgage interest deduction ‘regressive and inequitable’

                  Oregon real estate love letter ban hit with an injunction

                  Coos Bay Council considers property tax exemptions for new multi-unit dwellings

                  Two Oregon bills take aim at air conditioning access

                  Oregon bans certain real estate communications

                  Real estate “love letter” ban faces lawsuit

                  North Bend City Council allows for more middle housing

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                  Coos Bay Council considers property tax exemptions for new multi-unit dwellings

                  cgadmin by cgadmin
                  May 22, 2022
                  in Local News, Politics, Real Estate
                  0

                  The Coos Bay City Council entertained a presentation on the Multi-Unit Property Tax Exemption (MUPTE) program (reference ORS 307.606) during Tuesday’s work session. The MUPTE program is a program that allows cities to exempt multi-unit properties from property taxes during the first years after they’re developed. The goal of the program is to enable more multi-unit dwellings to be built by making the projects more financially feasible. Since property taxes are a considerable cost, exempting properties from property taxes, even temporarily, can be the difference between more housing units being built, and plans to build going delayed or forgone entirely.

                  How it works

                  In order to qualify for the exemption, the project must check several boxes. For one, it must be a new construction with at least 3 housing units. Commercial properties like shopping centers and offices do not qualify. The project must be within one-quarter mile of a fixed-transit route, and the project must be infeasible without the MUPTE. That means if a project would be financially workable for the developer without the exemption, then the project wouldn’t qualify. The exemption applies for a maximum of ten years.

                  Political considerations

                  While most residents acknowledge that there is a housing shortage, the MUPTE program isn’t without it’s political obstacles. For one, it must gain the support of 51% of the taxing districts, which include the cities, the counties, and the school districts. Also, it’s not always a “good look” to exempt wealthy people from taxes at the (at least perceived) cost of city tax receipts. Councilor Stephens expressed her concerns about the idea.

                  I’m just not in the business of helping rich people get richer. Really, at the end of the day if this is about housing and supporting people that are low income and trying to access rentals, and we saw what happened on Wasson, and $1,900 a month is not affordable. I don’t think.. I think we’ve seen that the trickle down theory doesn’t work in practice….

                  Councilor Sara Stephens

                  What’s next?

                  Will any new area projects qualify for the exemption? It’s far too soon to tell. Tuesday’s meeting was only a work session, so no matters were voted on, though the majority of the council seemed to support the idea of offering the exemptions if it means more housing projects get built.

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