Title
Approval of Special Historic Tax Valuation for 115 20th Avenue SW
Recommended Action:
Heritage Commission Recommendation:
Approve the application for 115 20th Avenue SW
City Manager Recommendation:
Move to approve the tax valuation application and all qualified rehabilitation expenditures as submitted for 115 20th Avenue SW, as reviewed and recommended by the Olympia Heritage Commission and Olympia's Historic Preservation Officer.
Report
Issue:
The City of Olympia participates in the Washington State Special Valuation program, a benefit of having a designated historic property. This year we have received one submission for the program. Following Olympia Heritage Commission review and recommendation for approval, the City Council will make a final decision on whether to approve or deny the submitted application.
Staff Contact:
Michelle Sadlier, Historic Preservation Officer, Community Planning and Development, 360.753.8031
Background and Analysis:
The current application was submitted by Daniel and Jennifer Masterson for their home at 115 20th Avenue SW.
Special Valuation Program
This program provides owners of eligible historic buildings the opportunity to apply for a property tax revaluation following the completion of approved rehabilitation work. This program incentivizes historic preservation by helping offset the costs of work to maintain and upgrade older buildings that typically result in higher property tax values. Following review and approval of expenditures, the property tax is reassessed and the total approved amount invested is subtracted from the new property value for 10 years. More information on this program can be found in Attachment 1.
While the program is administered by the Thurston County Assessor, the City of Olympia is responsible for determining if the building is eligible for the program, certifying that the rehabilitation work meets the criteria for qualified rehabilitation expenditures, and...
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