Commercial or Industrial Structures:
- Structure must be at least 40 years old
- Property must be either (a) located in the Old and Historic District or (b) eligible for listing or listed on the National Register of Historic Places.
- The proposed rehabilitation project must increase the base value of the structure by at least 30%
- The proposed rehabilitation project must not increase the total square footage of the structure by more than 15%
NOTE: An existing attached carport, canopy, or similar structure shall be included in the calculation of the original square footage of a commercial or industrial structure. [Basements and attics may be finished-off without invoking the 15% limitation.]
- Improvements made to vacant land are not eligible for the tax exemption
- All appropriate permits must be acquired from the City before or simultaneously with submission of the tax exemption application
For more information on local, state, and federal historic tax credits, please contact HFFI for additional guides.