Title
Approval of a Resolution Granting Special Valuation for the Olympia Heritage Site at 222 Capitol Way North
Recommended Action
Committee Recommendation:
The Heritage Commission recommends approval of the special valuation application for 222 Capitol Way North
City Manager Recommendation:
Move to approve the resolution granting special property tax valuation status for the historic property at 222 Capitol Way North
Report
Issue:
Whether to approve the application for property tax revaluation based on historic property rehabilitation costs.
Staff Contact:
Katie Pruit, Associate Planner, Community Planning & Development, 360.570.3746
Presenter(s):
None - Consent Calendar Item.
Background and Analysis:
The City of Olympia participates in the Washington State Special Valuation program. The program provides owners of designated historic buildings with the opportunity to apply for a property tax revaluation following the completion of approved rehabilitation work. The purpose is to incentivize historic preservation by offsetting the costs to maintain and upgrade older buildings. To qualify for special valuation, the rehabilitation expenses must be equal to or greater than 25 percent of the value of the building (not the land value). Details on the Special Valuation program can be found at: http://www.dahp.wa.gov/special-tax-valuation.
As outlined in OMC 3.60 Special Property Tax Valuation (https://www.codepublishing.com/WA/Olympia/), the Olympia Heritage Commission (OHC) performs a full review of each application and its related expenses. The OHC then makes a recommendation to City Council for approval or denial.
The application must be reviewed or denied by the City Council before December 31, 2018. If approved, the City enters into a ten-year agreement with the property owner to ensure no additional modifications are made without written consent by the City.
The Thurston County Assessor completes the final processing of the special valuation. Begin...
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