How Port Townsend's special valuation program works: thresholds, duration and recording steps
Commissioners and staff discussed program mechanics: a special valuation excludes qualifying rehabilitation costs from assessed value (not a tax cut) for a period currently described as 10 years; second-round eligibility requires spending equal to 25% of assessed improvements. Staff will prepare recording documents for approved cases.
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Commission staff used today's Taylor Street application to review how the special valuation program functions and what applicants should expect when they apply.
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