Title
Approval of a Resolution Granting Special Tax Valuation for the Olympia Heritage Site at 101 Olympic Way NW
Recommended Action
Committee Recommendation:
The Heritage Commission recommends approval of the special valuation application for the historic property located at 101 Olympic Way NW.
City Manager Recommendation:
Move to approve the resolution granting special property tax valuation status for the historic property at 101 Olympic Way NW.
Report Issue:
Whether to approve the resolution granting special property tax valuation status for the historic property at 101 Olympic Way NW.
Staff Contact:
Marygrace Goddu, Acting Historic Preservation Officer, Community Planning & Development, 360.480.0923
Presenter(s):
None - Consent Calendar Item.
Background and Analysis:
The City of Olympia participates in the Washington State Special Tax Valuation Program which incentivizes historic preservation by offsetting the cost to maintain and upgrade older buildings. Owners of designated historic buildings may apply for a property tax re-valuation following the completion of approved rehabilitation work, which must be "significant," meaning that qualified expenses must exceed 25 percent of the value of the building prior to rehabilitation and must comply with historic preservation standards.
Following OMC 3.60 Special Property Tax Valuation, the Olympia Heritage Commission (OHC) reviews of each applicant project for compliance with preservation standards, verifies the owner's related expenses, and makes a recommendation to City Council.
The application must be approved or denied by Council and the decision must be transmitted to the County Assessor before the end of the current year. If approved, the City enters into a ten-year agreement with the property owner to ensure no additional modifications are made that adversely impact the property's historic value without written consent by the City.
Beginning the following year, the Thurston County Assessor wil...
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