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Economic Benefits

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bryan_housePresently, there are federal and local level tax incentive programs.

Federal Level

At the federal level, there is an Investment Tax Credit (ITC). Often referred to as the "20% Tax Credit," this is a dollar-for-dollar credit against income tax liability for the rehabilitation of historic buildings. Only depreciable buildings, such as commercial properties, are eligible for the credit. Also, only “certified historic structures” are eligible. (That is, buildings that are eligible for or listed on the National Register of Historic Places.) All rehabilitation work must be done in accordance with the Secretary of the Interior’s Standards for Rehabilitation of Historic Properties.

Local Level

On the local level, there are ad valorem tax incentives. This program is available for both income-producing and owner-occupied residences. To be eligible, the building must be a locally designated landmark or be a contributing building within a local historic district.

The following example illustrates how this incentive works. If a property is assessed by the Broward County Property Appraiser for $100,000 and $25,000 of qualifying rehabilitation improvements are made, the $25,000 increase in assessment will not be taxable for ten years. After ten years, the property will be assessed at its full value, which will include the $25,000 in rehabilitation costs.