Special valuation for historic properties is available to property owners for the rehabilitation of registered historic properties. The assessed value of an eligible historic property is determined at a rate that excludes (for up to 10 years) the actual cost of the rehabilitation (Chapter 84.26 RCW). This valuation applies to structures only (no land) and must equal a minimum of 25% of the pre-rehabilitation assessment.
All properties listed on the City's Register of Historic Places that have been substantially rehabilitated at a cost and within a time period which meets the requirements set forth in Chapter 84.26 RCW may be eligible for a special property valuation.
Once a property is listed on the City Register, application for Special Property Tax Valuation (PDF) is made at the Pierce County assessor’s office. The assessor then forwards applications to the city for review and a decision by the Gig Harbor Design Review Board (DRB).
A complete application for special valuation shall consist of the following documentation (all information required by the Pierce County assessor’s office for a complete application):
A legal description of the historic property.
Comprehensive exterior and interior photographs of the historic property before and after rehabilitation.
Architectural plans or other legible drawings depicting the completed rehabilitation work.
A notarized affidavit attesting to the actual cost of the rehabilitation work completed prior to the date of application and the period of time during which the work was performed and documentation of both to be made available to the DRB upon request.