Are there monetary incentives to restore a historic structure?
The city may grant a tax exemption to qualified property owners who improve designated historic properties. Historic Site Tax Exemptions are processed through the City’s Finance and Administration Department. Before a tax exemption application is submitted for consideration, the historic site must receive historic site designation from City Council. In order to qualify for the exemption, the owner must perform restoration or preservation of the historic site to encourage its preservation. The work performed must be at a cost of at least 50% of the assessed value of the historic improvements prior to the work. Only expenditures made for work performed following the designation of the property by City Council or within the five-years prior to designation may be applied. The percentage of the exemption is dependent on the amount of qualified restoration or preservation expenditures. The exemption may be granted for up to 15 years. For more information….
