What are the Advantages to Property Owners for Having a Historic Property?
Owners of historic properties enjoy a number of advantages:
- State Historic Building Code - Owners of identified historic buildings can utilize the State Historic Building Code in lieu of the Uniform Building Code. Use of the Historic Code allows some flexibility and can result in a minimum of 10% cost savings. Please contact the Building Division for more information.
- Federal Income Tax Credits - From time to time, historic buildings may be eligible for federal income tax credits based on their rehabilitation costs. At the present time, income producing buildings listed on the National Register of Historic Places may be eligible. Single-family residences may become eligible in the future. For more information, please consult the State Office of Historic Preservation or your tax advisor.
- Technical Assistance - Routine maintenance, extensive restoration or rehabilitation and additions must be done carefully to ensure that the architectural character and the historic value of the building is not diminished. The Community Development Department and the Historic Preservation Committee can assist you with historic preservation design guidelines and technical assistance.
- Property Values - Landmark status carries with it a certain amount of prestige which can lead to an increase in property value.
- Neighborhood Protection Plan - Historic designation generally controls the size, quality and scale of new construction and also restricts demolition, thus protecting the character and quality of the neighborhood.
- Official Recognition - A historic designation means that your property or neighborhood is recognized by the Town as a key component of the community’s architectural heritage.