HISTORIC PRESERVATION

Property Tax Assessment Freeze Program

Through the Property Tax Assessment Freeze Program, the assessed valuation of the historic property is frozen for eight years at its level the year rehabilitation began. The valuation then is brought back to market level over a period of four years.

Federal Historic Preservation Tax Credit Program

Under the provisions of the Tax Reform Act of 1986, a 20% tax credit is available for the substantial rehabilitation of commercial, agricultural, industrial, or rental residential buildings that are certified as historic. The credit may be subtracted directly from federal income taxes owed by the owner.

EXAMPLES OF ENERGY UPGRADES IN HISTORIC PROPERTIES

Geothermal
The New Holland property in Danville is a good example of using geothermal technology in a Historical Preservation upgrade.