RCW 84.26.070: Valuation.

(1) The county assessor shall, for ten consecutive assessment years following the calendar year in which application is made, place a special valuation on property classified as eligible historic property. (2) The entitlement of property to the special valuation provisions of this section shall be determined as of January 1. If property becomes disqualified for the special valuation for any reason, the property shall receive the special valuation for that part of any year during which it remained qualified or the owner was acting in the good faith belief that the property was qualified. (3) At the conclusion of special valuation, the cost shall be considered as new construction. (4)(a) A property is eligible for two seven-year extensions of the special valuation if: (i) The property is located in a county that is listed as a distressed area as reported by the state employment security department and the city is under twenty thousand in population; and (ii) The property continues to meet the criteria provided in RCW 84.26.030 . (b) Extensions must be applied for by the owner, upon forms prescribed by the department of revenue and supplied by the county assessor, at least ninety days prior to the expiration of the special valuation. (c) All extensions must be reviewed by the local review board and may be approved or denied at the local review board's discretion. (d) No extension may be provided under this subsection on or after January 1, 2057.