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Seattle & Northwest  + Retail  | 
Seattle apartment rents exceed the averages for Washington State and the U.S.

COVID-19 Property Tax Relief Proposed for CRE Landlords

Commercial and multifamily landlords in King County could see a reduction in property tax bills under a proposal by the assessor’s office. Assessor John Wilson is asking the Washington State Legislature to reduce the tax burden in an effort to help property owners weather the coronavirus pandemic.

The proposal, which is expected to be voted on at a special legislative session later this year, would reduce King County property tax collections by 2.5%, or nearly $155 million. If passed, it would apply to property tax bills for the second half of 2020, which are due in October.

The idea is to let counties reduce the taxable value of commercial properties for owners that couldn’t collect rent as a result of a business being closed because of statewide stay-at-home orders. Reductions would be based on the amount of rent each property lost due to the COVID-19 shutdown.

Rent collections for retail tenants in May were just 59%, according to research by Datex. Meanwhile, the National Multifamily Housing Council (NMHC) reported 80.8% of apartment households made a full or partial rent payment by June 6.

For comments, questions or concerns, please contact Dennis Kaiser

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About Dennis Kaiser

Dennis Kaiser is Vice President of Public Relations and Communications for Connect Creative. Dennis is a communications leader with more than 40 years of experience including as a journalist and in corporate and agency marketing communications roles. He is responsible for Connect Creative’s agency client services and is involved in a range of initiatives ranging from public relations and content strategy, communications and message development, copywriting, media relations, social media and content marketing services. Prior to joining Connect Media in 2015, his most recent corporate communications roles involved leading a regional public relations effort across Southern California for CBRE, playing a key marketing role on JLL’s national retail team, and directing the global public relations effort at ValleyCrest (BrightView), the nation’s largest commercial landscape services company. He has worked on marketing communications assignments for such CRE companies as Blackstone/Equity Office, Carlyle, Caruso, Disney Resorts, GE Capital, Irvine Company, Hines, Howard Hughes Corp., Jeffries, Lennar, MGM, Marcus & Millichap, Prologis, Raleigh Studios, Simon, Starwood, Trammell Crow Company, Transamerica, UBS and Wynn Resorts. Dennis has also worked on communications and launch strategies for a number of consumer electronic, media and tech brands including SlingMedia, Channel Master, Deluxe Media Entertainment, BeIn Sports, EchoStar and Sprint. Dennis’s agency background included firms such as Off Madison Ave., Idea Hall and Macy + Associates. He has earned an outstanding reputation with organization leaders as a trusted advisor, strategic program implementer, consensus builder and exceptional collaborator. Dennis has developed and managed national communications programs for Fortune 500 companies to start-ups, both public and private. He’s successfully worked with journalists across the globe representing clients involved in major-breaking news stories, product launches, media tours, and company news announcements. Dennis has been involved in a host of charitable and community organizations including the American Cancer Society, Easter Seals, Boy Scouts, Chrysalis Foundation, Freedom For Life, HOLA, L.A.’s BEST, Reach Out and Read, Super Bowl Host Committee, and the Thunderbirds Charities.

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