Historic Preservation Special Valuation

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A Local Tax Incentive Program
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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
  • Reviews application for completeness.
  • Verifies legal owner, legal description, etc.
  • Submits application to local review board within 10 working days.
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

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 Application and Certification of Special Valuation on Improvements to Historic Property  17 KB
Olympia Special Valuation Information   22 KB

Thurston County Special Valuation Information   22 KB

Information Brochure from Washington Department of Archaeology & Historic Preservation   84 KB


Contact Jennifer Kenny at (360) 753-8031 for additional information.