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Historic Tax Exemption
This citywide program is available for property owners of structures within a designated municipal historic district. There are nine historic districts in the city, with two of these overlapping the Downtown Plan area. City Council has also designated several areas within Downtown as Areas of Potential Effect, which are also eligible for this exemption. The program consists of a tax exemption for restoration/renovation of historic properties for exteriors and interiors, when done in conjunction with exterior work. The tax exemption is for the City’s portion of property taxes. The exemption time frame varies from four to 10 years.
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| Value of Improvements as compared to value prior to preservation on a percentage basis |
Term
(Years) |
| 50% or more of assessed value |
10 |
| between 40% and 49.99% of assessed value |
8 |
| between 30% and 39.99% of assessed value |
6 |
| between 20% and 29.99% of assessed value |
4 |
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The value of the improvements are abated and the City continues to collect taxes on the preimprovement value of the property.
Historic Property Incentives
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