ROCHESTER, Minn. — Rental property owners in Rochester and Olmsted County can apply for a major property tax reduction through the 4(d) Affordable Housing Incentive Program from now through Jan. 31, 2027.
The voluntary program helps rental property owners get property tax reductions while keeping affordable housing available for income-qualified renters. Properties classified as 4(d) are taxed at a reduced rate of 0.25%, about 80% lower than the usual 1.25% rate for multi-family housing.
In exchange, the property owner agrees to keep the property affordable for renters who meet income requirements for 10 years. Eligible properties must be multi-family buildings with four or more units and have a valid City of Rochester housing registration…