Title
Recommendation of Approval or Denial of Special Valuation for 2420 Capitol Way South
Recommended Action
Move to recommend approval of the property tax valuation application and all qualified rehabilitation expenditures as submitted for 2420 Capitol Way South
Report
Issue:
In the interest of time, the Commission's Heritage Review Committee was not provided an opportunity to review the application for special valuation submitted by Douglas Mayne and Mary Guptill, owners of 2420 Capitol Way South. The result of the Heritage Commission's review will be a recommendation to City Council, who will make the final determination before the recommendation is returned to the Thurston County Assessor for final processing.
Staff Contact:
Leonard Bauer, Community Planning & Development, 360.753.8206
Presenter(s):
Leonard Bauer
Background and Analysis:
The Heritage Commission will review and provide a recommendation on approval or denial of this submitted application for Washington State's Special Valuation program.
Applicants Douglas Mayne and Mary Guptill submitted their application to the Thurston County Assessor, which was received September 27, 2018. The original application and support documentation are found in Attachment 1. Details on the Special Valuation program can be found in Attachment 1 and at:
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Expenses
To qualify for special valuation, the value of the rehabilitation must be equal to or greater than 25% of the value of the building (not the land value). The expenses submitted for consideration are found in Attachment 3. The submitted applications (Attachments 2a and 2) indicates that on October 2, 2018, the Thurston County Assessor provided a value of $164,400.00. The minimum value of approved expenses would have to meet or exceed a value of $41,100.00 to meet the 25% threshold. As shown in Attachment 3, the applicant has submitted expenses totaling $297,299.87 with deductions for cos...
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