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construction dates and a brief statement of historical and-or architectural significance.
The state reviews the application and forwards it with a recommendation to the National Park Service ' within 45 days. Then the Park Service must within 30 days either grant a Certification of Significance or send the property owner a notice that the- structure is not historically significant.
Use of the 60-month amortization deductions does not require a minimum amount spent in connection with certified rehabilitation. For a property to qualify as "substantially rehabilitated," however, renovation costs of the certified historic structure during a 24-month period must exceed $5,000 or the adjusted basis of the property.
(Adjusted basis refers generally to the owner's initial cost of the property plus the cost of improvements as of that date less amounts allowed as depreciation.)
Local Tax Incentive
In addition to local benefits from the Tax Reform Act of 1976, Capelle noted that Virginia enabling legislation allows counties to confer what he described as essentially use value taxation for historic buildings.
The planning district director explained that the
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79.4%