SB 5298-S - DIGEST

(DIGEST OF PROPOSED 1ST SUBSTITUTE)

Recognizes it is a public good to keep historic private property on the tax rolls at its maximum value, rather than having such property fall into disrepair, and that well-maintained and preserved historic property enhances a community's sense of culture and pride. To achieve this purpose, chapter 84.26 RCW provides special valuation for improvements to historic property and property tax exemptions for maintenance and repair activities.

Provides that historic property that is designated as qualified historic property under this act is exempt from property taxes levied for any state purpose for the year of designation. This exemption cannot be claimed more than once in a five-year period. This exemption cannot be claimed if the owner of historic property is participating in the special valuation program, as defined in RCW 84.26.020.

Requires that, within ten days after the filing of the application for a property tax exemption for maintenance and repair activity in the county assessor's office, the county assessor shall refer each application to the local review board.

Directs the review board to approve the application if the property: (1) Is listed on the Washington heritage register or the national register of historic places;

(2) Is residential property occupied by the owner;

(3) Incurs expenditures for maintenance and repair activity that exceed ten percent of the assessed value of the residential structure; and

(4) Complies with minimum standards of maintenance that protect those elements which qualify the property as historically significant.