New Bill Extends Special Valuation for Historic Properties in Distressed Areas

The new House Bill 2868 builds on the existing Special Valuation program by extending the period of eligibility for certain projects to up to 24 years total. Under the new legislation, cities within economically distressed counties (as defined by the State Employment Security Department) that have an active historic preservation program and less than 20,000 residents will be able to extend the special valuation program to eligible properties for up to 14 years beyond the initial 10-year period. The tax revision can be transferred from one property owner to the next and is available for Aberdeen, Centralia, Chehalis, Colville, Dayton, Hoquiam, Port Townsend, Ritzville, Shelton, and Waterville.

To read more: http://www.preservewa.org/new-bill-extends-special-valuation-for-historic-properties-in-distressed-areas/