SPECIAL VALUATION FOR HISTORIC PROPERTIES

"THIS IS MY WORK IN PROGRESS"

I wonder how many of us that live here in the historic district are aware of the possible tax break we could get if we remodel or restore a historic home. For that matter...Real estate agents should be aware of this possibility and share it with their buyers that are looking in this area.

I would certainly like to know that I might be eligible for a tax break if I fix up an old wreck of a historic structure or make improvements to my "maintainence nightmare." It actually doesn't even have to be a wreck! Shoot...This could be the deciding factor for changing a "work in progress" to an awesome finished project. WHAT! A FINISHED PROJECT!!! The tax break applies to any historic property as long as the costs of the rehab are ....Well...just read the quote containing the details below that I pulled off the Pierce County Assessors website.

"Owners of qualified historic properties may apply for Special Valuation that subtracts certain rehabilitation costs from the assessed value of the property for a period of no more than 10 years. These costs must be at least 25% of the assessed value of the structure prior to rehabilitation and be incurred during the two years prior to application."

The application can be obtained online or from the Assessor-Treasurer's Office. The completed application should be submitted to the Assessor-Treasurer's Office before October 1 to be considered for Special Valuation in the following year. The Local Review Board will approve or deny the application. RCW 84.26