The City of Tacoma Landmarks Preservation Commission has reached a milestone in historic rehabilitation; recent approvals for the Special Tax Valuation Program have brought the total to roughly $45 million in rehabilitation or restoration work during the past two years.
The Special Tax Valuation Program is a tax incentive that allows property owners to subtract qualified expenses for rehabilitation projects of historic landmarks from the property assessment each year for 10 years. Property taxes are still paid on the balance.
The projects approved by the Landmarks Commission for incentives this year include the McMenamins Elks Temple at 565 Broadway, as well as a series of historic renovations of industrial buildings adjacent to the University of Washington Tacoma Campus.
“This program is important to preserving Tacoma’s character, and to see the investments being made to rehabilitate Tacoma’s landmarks as more development and economic growth occurs shows the commitment our community has for historic preservation,” stated Reuben McKnight, historic preservation officer. “Seeing these projects come to completion is a win.”
For more information, visit the Historic Preservation office website.