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income tax purposes over a 60-month period the cost of “certified rehabilitation,” even if the expected life of the improvements exceeds 60 months, in lieu of otherwise allowable depreciation deductions. If the property qualifies as a “substantially rehabilitated historic property” the owner may depreciate the cost of renovation at a faster rate than otherwise allowable.
In general, a “certified historic structure” is any structure located within an historic district. According to Capelle, the town of Washington is the Rappahannock-Rapidan Planning District’s only certified historic area. He noted that the town of Upperville is also an histone district but lies half in Loudoun and half in Fauquier, one of the five PD9 counties.
For individual properties to become “certified historic structures” for purposes of the Tax Reform Act, the owner must obtain an Historic Preservation Certification Application from the Virginia Historic Landmarks Commission, 221 Governor Street, Richmond, Va. 23219. The application requires name of owner, name and address of structure, name of historic district, current photographs of structure, brief description that includes mention of alterations, distinctive features and spaces and
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