The Temporary Historic Property Tax Exemption provides a local property tax incentive for the sensitive, substantial rehabilitation of historic buildings. While all counties are required to offer this exemption, not all counties have set priorities for the program.
The program provides a combination of four years full exemption from any increased valuation due to the rehabilitation, followed by four years of property tax increases (25% per year) up to the new valuation.
There are two applications for this program and two deadlines:
- Application to receive State Historic Preservation Office approval for the completed work must be made by November 1 of the year that the work was completed.
- The assessor’s exemption application with the State Historic Preservation Office’s approved application attached, must be made to the appropriate county assessor no later than February 1 of the assessment year.