Title
Special Tax Valuation for 2020 Water Street SW
Recommended Action
City Manager Recommendation:
Move to approve the Special Valuation Tax for 2020 Water Street SW and authorize the City Manager to sign the Historic Preservation Special Valuation Agreement.
Body
Issue:
The City Council must give final approval to Special Valuation Tax applications. The Olympia Heritage Commission has reviewed this application and recommends approval.
Staff Contact:
Todd Stamm, Principal Planner, 360.753.8314
Presenter(s):
None. Consent Calendar item.
Background and Analysis:
In 1985, Washington State authorized owners of historic property on a local or national historic register to seek a 10-year exemption from property taxes associated with the cost of rehabilitating such properties. [See RCW Chapter 84.26.] To qualify, the actual cost of rehabilitation must be at least 25% of the assessed valuation of the historic property -- exclusive of land value -- prior to the rehabilitation. All improvements must be consistent with the "Washington State Advisory Council's Standards for the Rehabilitation and Maintenance of Historic Properties."
Applications for such exemptions are submitted to the County Assessor's Office, reviewed by the local jurisdiction (City of Olympia), and subject to approval or denial by the "local review board." The Olympia City Council has designated itself as that board. See OMC Chapter 3.60. Approval is required if all requirements of the law are met. Direct review of the structure has been delegated to the City's Heritage Commission. The Council's decision is appealable to superior court.
If approved, the cost of the rehabilitation is subtracted from the assessed value of the property for a 10-year period. This 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 rehabil...
Click here for full text