(1) When property has once been classified and valued as eligible historic property, it shall remain so classified and be granted the special valuation provided by RCW
84.26.070 for ten years or until the property is disqualified by:
(a) Notice by the owner to the assessor to remove the special valuation;
(b) Sale or transfer to an ownership making it exempt from property taxation; or
(c) Removal of the special valuation by the assessor upon determination by the local review board that the property no longer qualifies as historic property or that the owner has failed to comply with the conditions established under RCW
84.26.050.
(2) The sale or transfer to a new owner or transfer by reason of death of a former owner to a new owner does not disqualify the property from the special valuation provided by RCW
84.26.070 if:
(a) The property continues to qualify as historic property; and
(b) The new owner files a notice of compliance with the assessor of the county in which the property is located. Notice of compliance forms shall be prescribed by the state department of revenue and supplied by the county assessor. The notice shall contain a statement that the new owner is aware of the special valuation and of the potential tax liability involved when the property ceases to be valued as historic property under this chapter. The signed notice of compliance shall be attached to the real estate excise tax affidavit provided for in RCW
82.45.150. If the notice of compliance is not signed by the new owner and attached to the real estate excise tax affidavit, all additional taxes calculated pursuant to RCW
84.26.090 shall become due and payable by the seller or transferor at time of sale. The county auditor shall not accept an instrument of conveyance of specially valued historic property for filing or recording unless the new owner has signed the notice of compliance or the additional tax has been paid, as evidenced by the real estate excise tax stamp affixed thereto by the treasurer.
(3) When the property ceases to qualify for the special valuation the owner shall immediately notify the state or local review board.
(4) Before the additional tax or penalty imposed by RCW
84.26.090 is levied, in the case of disqualification, the assessor shall notify the taxpayer by mail, return receipt requested, of the disqualification.