The bill amends RCW 84.26.070 to expand the eligibility for historic preservation property tax special valuation. It establishes that the county assessor will apply a special valuation for 10 consecutive assessment years following the application year for properties classified as eligible historic properties. The bill also clarifies that property must be assessed for special valuation as of January 1st, and if disqualified, the property will retain the special valuation for the duration it remained qualified. Additionally, it allows for two seven-year extensions of the special valuation for properties located in cities with populations under 20,000, removing the previous requirement for the county to be listed as a distressed area.

Furthermore, the bill includes a performance statement for the tax preference related to historic property revitalization, indicating the legislature's intent to provide tax relief for certain businesses or individuals. It emphasizes the goal of promoting the revitalization of historic properties and outlines that if the number of taxpayers claiming this preference increases, the legislature intends to extend the expiration date of the tax preference. The joint legislative audit and review committee is authorized to collect necessary data for evaluating the effectiveness of this tax preference.

Statutes affected:
Original bill: 84.26.070