The Washington State Legislature passed a law During its 1985 session which allows a “special valuation” for certain historic properties within the state. The primary benefit of the law is that during the ten year special valuation period, property taxes will not reflect substantial improvements made to the property.
Eligible properties which undergo substantial rehabilitation may receive special valuation if the rehabilitation work is approved by the local review board. The work must have been conducted within 2 years prior to application, and must be equal in cost to at least 25% of the assessed value of the structure prior to rehabilitation.
To be classified as eligible for special valuation, a property must first meet the following criteria:
1. It must be listed in the National Register of Historic Places, individually, or certified as contributing to the significance of a National Register Historic District, OR 2. It must be listed in the Local Register of Historic Places established by a Certified Local Government, AND 3. It must be of a class of properties approved by the local government.