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Tax Break
(Continued from Page 1) enabling legislation permits a locality to pass an ordinance granting individual property owners a lower assessed value on restored historic buildings. To date, he noted, only the city of Richmond has followed up on this local option. According to Capelle, the legislation is designed as an incentive to encourage historic preservation. Landowners often let structures fall into ruin because once they’ve expended money for restoration, their appraisals—and local property taxes—double, triple or even quaduple, he said. If a local ordinance is passed allowing for differentiated assessments on historic structures, Capelle said, appraisals generally stay at the prerestoration level for qualifying units. He added that a locality can set up its own criteria on eligibility for differentiated historic assessments.
He described the two-fold approach with incentives under the Tax Reform Act of 1976 and differentiated assessments on restored historic properties as "licking both sides of the lollypop” for federal and local taxes.
92.4%