(a) A municipality may by ordinance permit deferral of payment of taxes on all or a portion of the increase in assessed value directly attributable to
(1) the subdivision of a single parcel of property into three or more parcels; and
(2) any improvements made to the property necessitated by its subdivision.
(b) A deferral from taxation allowed under (a) of this section shall be limited to a maximum period of five years. A municipality may by ordinance provide for the deferral of payment of taxes permitted under (a) of this section to be of a shorter duration.
(c) Subject to (b) of this section, a municipality may also by ordinance provide that
(1) the deferral is terminated when
(A) a lot in the subdivision is sold; or
(B) a residential or commercial building is built on a lot in the subdivision; or
(2) the deferral continues for the unsold lots in the subdivision after
(A) a lot in the subdivision is sold; or
(B) a residential or commercial building is constructed on a lot in the subdivision.
Section: Previous 29.45.020 29.45.030 29.45.040 29.45.045 29.45.046 29.45.048 29.45.050 29.45.051 29.45.052 29.45.053 29.45.055 29.45.060 29.45.062 29.45.065 29.45.070 NextLast modified: November 15, 2016