If you own a landmark home or a home in a historic district you may qualify for an 8 to 12 year property tax assessment freeze for rehabilitating the home while retaining its historic character.
What is a Property Tax Assesement Freeze?
The Property Tax Assessment Freeze Program provides tax incentives to owner-occupants of certified historic residences who rehabilitate their homes. Through the Property Tax Assessment Freeze Program, the assessed valuation of the historic property is frozen for eight years at its level the year the rehabilitation began. The valuation is then brought back to market level over a period of four years.
What do I have to do to qualify for the freeze?
To qualify for the Property Tax Assessment Freeze Program a property must:
- be a registered historic structure, either by listing on the National Register of Historic Places, or designated by an approved local historic preservation ordinance.
- be used as a single-family, owner-occupied residence or condominium, or as a cooperative, or as an owner-occupied residential building with up to six units.
- have at least 25% of the property's market value spent on an approved renovation project.
- be a substantial rehabilitation that significantly improves the condition of the historic building
- be rehabilitated in accordance with the Secretary of the Interior's "Standards for Rehabilitation"
What is the certification procedure for the tax freeze?