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 |
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| 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.
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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.
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| 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.
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| 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.
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Application & Information
Contact Jennifer Kenny at 360.753.8031 for additional information.