There are several tax incentives that you may qualify for if you improve your historic property.
New York State Rehabilitation Tax Credit for Homeowners
The New York State Historic Preservation Office (SHPO) in the Division for Historic Preservation, Office of Parks, Recreation and Historic Preservation provides technical assistance to property owners working to rehabilitate homes.
Rehabilitation work on historic residential structures may qualify for a tax credit of 20% of qualified rehabilitation costs of structures, up to a credit value of $50,000.
The project must:
•Be located within a qualifying Census Tract
•Have qualifying rehabilitation costs that exceed $5000
•Spend at least 5% of the total on exterior work.
•Receive preliminary approval from SHPO staff.
•Be completed after January 1, 2010.
The Preservation foundation has a map showing which areas of the City are eligible for this program. Additional information may be found by clicking here.
City of Saratoga Springs Historic Investment Exemption
Investments in properties that have been designated as a contributing or noncontributing structure within the State or National Register of Historic Places and which are located in the City of Saratoga Springs, or structures on properties that have been designated as a City landmark or in an historic district in Article VII of the Zoning Ordinance of the City of Saratoga Springs, are eligible for an exemption from the City Property Tax. Eligible property shall be exempt from taxation to the extent of any increase in assessed value attributable to the alteration, rehabilitation or addition. Approval of the project by the Design Review Commission is required. Click here to view Chapter 212 of the City Code, Sections 212-74 through 212-82 providing for the exemption. Forms are available at the City Assessor’s Office.
Federal Investment Tax Credit Program for Income Producing Properties
Owners of income producing real properties listed on the National Register of Historic Places may be eligible for a 20% federal income tax credit for the substantial rehabilitation of historic properties. The final dollar amount is based on the cost of the rehabilitation; in effect, 20% of the rehab costs will be borne by the federal government. The work performed (both interior and exterior) must meet the Secretary of the Interior’s Standards for Rehabilitation and be approved by the National Park Service. Click here for more.
New York State Tax Credit Program for Income Producing Properties
This tax credit must be used with the Federal Investment Tax Credit Program for Income Producing Properties. Owners of income producing properties that have been approved to receive the 20% federal rehabilitation tax credit automatically qualify for the additional state tax credit if the property is located in an eligible census tract. Owners can receive an additional 20% of the qualified rehabilitation expenditures up to $5,000,000. In order to qualify, the placed-in-service date must be after January 1, 2010. Click here for more.
TAX INCENTIVES FOR HISTORIC PRESERVATION
There are several tax incentives that you may qualify for if you improve your historic property.
New York State Rehabilitation Tax Credit for Homeowners
The New York State Historic Preservation Office (SHPO) in the Division for Historic Preservation, Office of Parks, Recreation and Historic Preservation provides technical assistance to property owners working to rehabilitate homes.
Rehabilitation work on historic residential structures may qualify for a tax credit of 20% of qualified rehabilitation costs of structures, up to a credit value of $50,000.
The project must:
•Be located within a qualifying Census Tract
•Have qualifying rehabilitation costs that exceed $5000
•Spend at least 5% of the total on exterior work.
•Receive preliminary approval from SHPO staff.
•Be completed after January 1, 2010.
The Preservation foundation has a map showing which areas of the City are eligible for this program. Additional information may be found by clicking here.
City of Saratoga Springs Historic Investment Exemption
Investments in properties that have been designated as a contributing or noncontributing structure within the State or National Register of Historic Places and which are located in the City of Saratoga Springs, or structures on properties that have been designated as a City landmark or in an historic district in Article VII of the Zoning Ordinance of the City of Saratoga Springs, are eligible for an exemption from the City Property Tax. Eligible property shall be exempt from taxation to the extent of any increase in assessed value attributable to the alteration, rehabilitation or addition. Approval of the project by the Design Review Commission is required. Click here to view Chapter 212 of the City Code, Sections 212-74 through 212-82 providing for the exemption. Forms are available at the City Assessor’s Office.
Federal Investment Tax Credit Program for Income Producing Properties
Owners of income producing real properties listed on the National Register of Historic Places may be eligible for a 20% federal income tax credit for the substantial rehabilitation of historic properties. The final dollar amount is based on the cost of the rehabilitation; in effect, 20% of the rehab costs will be borne by the federal government. The work performed (both interior and exterior) must meet the Secretary of the Interior’s Standards for Rehabilitation and be approved by the National Park Service. Click here for more.
New York State Tax Credit Program for Income Producing Properties
This tax credit must be used with the Federal Investment Tax Credit Program for Income Producing Properties. Owners of income producing properties that have been approved to receive the 20% federal rehabilitation tax credit automatically qualify for the additional state tax credit if the property is located in an eligible census tract. Owners can receive an additional 20% of the qualified rehabilitation expenditures up to $5,000,000. In order to qualify, the placed-in-service date must be after January 1, 2010. Click here for more.