Owners of qualified historic properties may apply for special valuation that subtracts certain rehabilitation costs from the assessed value of the property for a period of no more than 10 years. These costs must be at least 25% of the assessed value of the structure prior to rehabilitation and be incurred during the two years prior to application.
The application can be obtained online or from the Assessor Treasurer’s office. The application must be submitted to the Assessor Treasurer’s office by October 1 to be considered for special valuation in the following year and tax reduction the year after that.
The Local Review board will approve or deny the application by December 31st.
Fee. The Local Review Board will have an application fee. Check with that City for their fee amount.
The Assessor Treasurer’s fee of $150.00 will be charged after the Local Review board approves the application.