Historic Preservation Special Valuation

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A Local Tax Incentive Program

The Local Tax Incentive Program is designed to encourage the preservation of historic resources. It provides for "a revision of the assessed value of a historic property which subtracts, for up to 10 years, such rehabilitation costs as are approved by a local review board." (RCW 84.26)

The primary benefit of the law is that during the 10-year special valuation period, property taxes will not reflect substantial improvements made to the property. The application fee is $250 for residential properties and $840 for commcercial properties.

The Application Process
APPLICANT  
  • Meets with City Historic Preservation Officer or Heritage Commission to discuss proposed work
  • Submits application to the assessor no later than 24 months after beginning date of rehabilitation work.

ASSESSOR

  
  • Meets with City Historic Preservation Officer or Heritage Commission to discuss proposed work
  • Submits application to the assessor no later than 24 months after beginning date of rehabilitation work.
LOCAL REVIEW BOARD
  • Reviews application and attachments.
  • Determines approval or denial of application no later than December 31st of application year.
  • If application is approved, notifies applicant, assessor, and State Advisory Council within 10 days.
  • Executes agreement with applicant.
  • Returns application to assessor.
ASSESSOR
  • Records agreement.
  • Files application, agreement and certification statement (if applicable) with the county recording authority.
  • Determines special valuation and enters in tax roles separately from the normal assessed value.

Application & Information

Contact Jennifer Kenny at 360.753.8031 for additional information.

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