What benefits do I receive for owning a Seattle landmark property or property in a preservation district?
Seattle offers a number of incentives to owners of landmark properties and properties within preservation districts. These include: • Special Tax Valuation for Historic Properties – In 1985 the Washington State Legislature passed a law allowing “special valuation” for certain historic properties. Prior to that time, owners who rehabilitated historic buildings were subject to increased property taxes once the improvements were made. Special valuation establishes a period of up to ten years during which rehabilitation costs approved by the local review board are subtracted so that taxes do not reflect substantial improvements made to the property. The Seattle Landmarks Preservation Board is the local review board for the purposes of the law. A property eligible for tax relief, as defined by the Seattle City Council, must meet three criteria: • It is a designated landmarks subject to a designating ordinance by the Seattle City Council or it is a contributing building located within a Seat
Related Questions
- What are the benefits of owning property in a preservation district or listed in the National Register of Historic Places?
- What benefits do I receive for owning a Seattle landmark property or property in a preservation district?
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