The Vertical Housing Program is a partial property tax exemption program for new mixed use development. The program is administered by the City of Beaverton. To qualify, a project must have improved, leasable, non-residential development on the ground floor and residential development on the floors above. The exact method for calculating the property tax exemption is spelled out in the Statute but generally for each full floor of residential use above the non-residential development, there is an up to 20 percent property tax exemption.
The partial property tax exemption applies only to the building value and not the land value. The property tax exemption may be for up to 10 years. The maximum property tax exemption is 80 percent of the building value. If affordable low-income housing is included in the proposal, land value may also be exempted from property tax.
The VHP is a tool the city has adopted to encourage new investment and new mixed use residential development in underutilized areas of the city. All prospective applicants are encouraged to submit their Vertical Housing Program application to the city.
If you would like to speak with a City of Beaverton representative:
Cadence Petros - Development Division Manager, 503-526-2213, cpetros@BeavertonOregon.gov
