Eight-year Property Tax Exemption for The Percival Condominiums
- The Percival Condominiums News
October 26, 2018
The Percival Condominiums qualify for the City of Olympia’s Eight-Year Property Tax Exemption. The City put this program in place to encourage downtown Olympia residential development. It is working because we are now seeing many rental apartment projects under construction or in planning. We are very happy to say that the program applies to buyers of condominiums also.
The reduction of the county assessment is for the total cost of the building only; not including the cost of land. That exemption is passed to buyers of individual condominium units.
The Rants Group estimates that the savings to condominium buyers from the exemption could be $60,000 to $120,000 over the eight-year term. Savings are dependent upon future property assessments and levy rates as well as individual unit sizes.
The exemption starts one year after completion of the building, so buyers will realize the vast reduction in property taxes in years 2 through 9 of ownership. The final Tax Exemption Agreement has been produced and is awaiting signature by the Olympia City Manager.
Please ask Tammy Adams for more details of the Property Tax exemption at [email protected] or (360) 584-2736