The Rochester-Olmsted County 4(d) Affordable Housing Incentive Program helps rental property owners obtain property tax reductions while preserving affordable housing for income-qualified renters in our community.
On average, the yearly property tax reduction is between $300 to $600 per unit included in the program. Properties taxed under the 4(d) classification are at the 0.75% rate which is approximately a 40% reduction from the general multifamily housing tax rate classification of 1.25%.
In return for the property tax reduction, the rental property owner agrees to keep the property affordable to income-qualified renters for a 10-year period. Eligible properties include any multi-family property that has a valid City of Rochester housing registration certificate with 4 or more units, 20% of which must meet program rent and income limits.